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the higher the price,the shorter the quantity
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Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
Cross elasticity of demand?
In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.
What is role of price elasticity of demand in business decision?
role of price elasticity of demand in managerial decisions
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
What is cross price elasticity demand?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Cross elasticity of demand?
In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.
Distinguish between price elasticity and income elasticity?
The price elasticity refers to the change in demand due to the change in price. The income elasticity of demand on the other hand refers to the change in demand due to the change in income.
What is role of price elasticity of demand in business decision?
role of price elasticity of demand in managerial decisions
What is a true statementregarding the price elasticity of demand?
Price elasticity of demand is positively correlated with the existence of substitute goods.
What is cross price elasticity?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Conclusion of price elasticity of demand?
The conclusion of the price of elasticity of demand is the effect of price change based on the revenue it receives. It is based off the demand of the product and the price of the product.
Is price elasticity constant along demand curves?
explain why the price elasticity of demand varies along a demand curve, even if the demand curve is linear.
What is price elasticity?
price elasticity is the degree of responsiveness of demand or supply to a small change in price.
