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Q: What are the cardinal uses of elasticity of demand?
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What are practical uses of price elasticity of demand?

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What is the difference that exists between arc elasticity of demand and point elasticity of demand?

Arch elasticity demand is the percentage change in one variable divided by the percentage change in another variable, it calculates the elasticity over a range of values, while point elasticity of demand uses differential calculus to determine the elasticity at a specific point


Uses of cross elasticity of demand?

Cross elasticity in economics, also referred to as cross-price elasticity is used to measure the changes of the demand of a certain commodity to the price changes of another good.


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.


Distinguish between price and income elasticity of demand?

distinguish between price elasticity of demand and income elasticity of demand


Describe three determinants of demand elasticity?

These three determinants are listed here: nature of commodity -the more perishable a good,lower will its elasticity of demand,middle income groups have highly elastic demand ,goods having alternative uses have elastic demand,for eg.milk


Method for measurement of Elasticity of Demand?

there are three methods of measuring elasticity of demand


Would the concepts of cross elasticity of cross elasticity of demand and income elasticity of demand be of any interest to a pharmaceutical company?

I am at a loss for the answer please help me.


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 are the uses of elasticity of demand for managerial decision making?

It help the management to analyze the change in prise of the products


What is Short run and long run price elasticity of demand?

is the long run elasticity of demand is ever smaller than the short run elasticity of demand.