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Define And Explain The Concept
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Price elasticity of demand is defined as how demand changes as a result of a change in price. It can be said that if a reduction in price leads to an increase in demand then demand is relatively elastic. Elasticity
is usually negative. There is an alternative scenario where demand will increase as price does so too. This happens only in the case o ....
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....me effect would be pretty small.
One other determinant of price elasticity of demand is the time period. When prices rise people may take time to adjust their consumption patterns and find alternatives. The longer the time after a price change, then, the more elastic is demand likely to be.
Income elasticity is a measure of responsiveness of the de.... |
| Word count: 1339 |
Page count: 5 |
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