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What is determinants of price elasticity of demand?
The rate of change of price and the rate of change of demand as a function of 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
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.
Explain what is meant by price and income elasticity of demand?
price elasticity of demand is the degree of responsiveness of demand where by change in price of a commodity bring proportionate change in quantity demanded.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
What is determinants of price elasticity of demand?
The rate of change of price and the rate of change of demand as a function of 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
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.
Explain what is meant by price and income elasticity of demand?
price elasticity of demand is the degree of responsiveness of demand where by change in price of a commodity bring proportionate change in quantity demanded.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
What is an isoquant explain it graphically.?
show how the price elasticity of demand is graphically measured along a liner demand curve?
Explain the difference between elasticity of demand and the slope of a demand curve?
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
What are determinants of a demand?
price of the good
What are the non-price determinants of Demand?
Income, Substitutes, complementary goods, tastes and preferences are some of the non-price determinants of demand.
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
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.
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.
