I'm assuming "Price" Elasticity of Demand which is the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity.
Some goods are elastic or inelastic. Like a life saving surgery would be extremely inelastic (you would want to do it at any price) while a dollar would be extremely elastic (you wouldn't pay two dollars for a dollar, etc). Most goods are somewhere in between.
Elasticity of demand can be explain as demand increases by adding more value to product with increase in price of the products
1.Example --Bara Pao selling due to more demand of the product as this product consume by all class of people
2. Now add value to this same product by opening a cosy resturant with good sitting arrangement along with good ambience and maintain hygenic by using good quality raw materials .People of certain class would love to have this Bara Pao with little increase of price
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I'm assuming "Price" Elasticity of Demand which is the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity.
Some goods are elastic or inelastic. Like a life saving surgery would be extremely inelastic (you would want to do it at any price) while a dollar would be extremely elastic (you wouldn't pay two dollars for a dollar, etc). Most goods are somewhere in between.
Elasticity Define
Elasticity of demand can be explain as demand increases by adding more value to product with increase in price of the products
1.Example --Bara Pao selling due to more demand of the product as this product consume by all class of people
2. Now add value to this same product by opening a cosy resturant with good sitting arrangement along with good ambience and maintain hygenic by using good quality raw materials .People of certain class would love to have this Bara Pao with little increase of price
How the quantity demanded of a good changes in response to price.
Elastic - When a change in price results in an even bigger change in quantity demanded. e.g. Cars
Inelastic - When a change in price results in an even smaller change in quantity demanded, e.g. cigarettes, alcohol, etc.
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