ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consumer expectations
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consumer taste
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decreasing marginal utility
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elasticity of demand
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Detailed explanation-1: -Price elasticity of demand is an economic measure of the sensitivity of demand relative to a change in price. The measure of the change in the quantity demanded due to the change in the price of a good or service is known as price elasticity of demand.
Detailed explanation-2: -That’s where the price elasticity of demand comes in. It is a measure of how sensitive, or responsive, consumers are to a change in price. For any given good or service, the price elasticity of demand measures how much the quantity demanded by consumers responds to a change in the price of that good or service.
Detailed explanation-3: -Elasticity of Demand. • Price elasticity measures the responsiveness of the quantity demanded or supplied of a good. to a change in its price. It is computed as the percentage change in quantity demanded-or supplied-divided by the percentage change in price.
Detailed explanation-4: -∴ Cross elasticity of demand is the degree of responsiveness of the demand for a commodity to a change in its price.
Detailed explanation-5: -Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded (or supplied) divided by the percentage change in price.