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It could mean quite a few things. There is Income Elasticity of Demand, Price Elasticity of Demand. etc. Price Elasticity of Demand is the most popular, and is what people generally are referring to when they make incomplete statements like this. Price elasticity of demand, according to my understanding is the percentage change in demand due to a percentage change in price (or the prefix to the "elasticity of demand" statement). Caution must be taken however in determining this percentage change as the base value in the computation may, and usually is the average price of the good prior to the change, and not just the last price before the change. Ask your examiner what the requirements are, before you answer the question.
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Meaning of elasticity?
It measures the sensitivity of one variable with respect to another, e.g. own price elasticity of demand measures the sensitivity of demand for a commodity with respect to its own price.
What is the determinants of price elasticity of demand?
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
How is elasticity of supply related to elasticity of demand?
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
Determinants of own price elasticity of demand?
1. Number of Substitute Products - the greater the number of substitute products, the greater is its own price elasticity of demand. 2. Price of Product Relative to consumers income - the greater the price of product relative to consumers income the greater is it Price Elasticity. 3. Nature of Goods - whether it is luxury good or necessity goods. 4. Passage of Time - the longer the time lapsed the greater Price Elasticity. Hope this answer helps... :)
Explain the say's law in economics?
states that supply creates its own demand.
Meaning of elasticity?
It measures the sensitivity of one variable with respect to another, e.g. own price elasticity of demand measures the sensitivity of demand for a commodity with respect to its own price.
What is the determinants of price elasticity of demand?
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
How is elasticity of supply related to elasticity of demand?
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
Determinants of own price elasticity of demand?
1. Number of Substitute Products - the greater the number of substitute products, the greater is its own price elasticity of demand. 2. Price of Product Relative to consumers income - the greater the price of product relative to consumers income the greater is it Price Elasticity. 3. Nature of Goods - whether it is luxury good or necessity goods. 4. Passage of Time - the longer the time lapsed the greater Price Elasticity. Hope this answer helps... :)
Explain the say's law in economics?
states that supply creates its own demand.
How do i explain how a computer works in my own words?
We can not supply you with "your own words" only YOU can do that.
Explain the law of supply in your own words?
Law of supply: If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads etc
How income elasticity own price and cross price elasticity are related?
According to the total expenditure method; Ep<1 Price of X increases then the expenditure on X increases. Thus the expenditure and demand on Y decreases. Cross price elasticity of X and Y i s negative, therefore they are compliments. Now Taking Ep>1...we can find out the relation of substitutes. Threfore own price and cross price elasticity is not totally independent of one another.
Explain Archimedes principle in your own words?
something..................
If the own price elasticity of demand for paper book is -2 how will a 4 percent decrease in the price of paper book affect your overall revenues from both paper books and ebooks sales?
If the own price elasticity of demand for paper books is -2, a 4% decrease in the price is expected to increase the quantity demanded by 8%. However, since demand for ebooks is not affected by the price change in paper books, the overall increase in revenue will depend on the relative price elasticities of demand for paper books and ebooks. If the cross-price elasticity between paper books and ebooks is positive, the overall revenue could increase as the increase in paper book sales may positively impact ebook sales.
How can explain the chapter a nations strength in own words?
Generation
In your own words explain what density means?
The meaning of the term "density" is the amount of matter (mass) per a unit of volume; calculating by dividing the mass of a substance by its volume.Density=Mass____VolumeORD=M__V
