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The term elasticity indicates responsiveness of one variable to change in other variable.For e.g.,when variable x responds to change in variable y,variable x is said to be elastic.Likewise,demand is said to be elastic if it responds to change in price. There are three main determinants of demand,they are price of the commodity,income of the consumers,and price of the related goods.Thus,elasticity of demand means responsiveness of demand due to change in price of the commodity,income of the consumer,and price of the related gooods. Or you can say that,it measures the degree of change in the quantity demanded of the commodity in response to a given change in price of the commodity,change in consumer's income or price of the related goods. Accordingly,there are three main type of elasticities of demand: 1. Price elasticity of demand: Price elasticity of demand measures the responsiveness of demand for a commodity due to change in it's price. 2. Income elasticity of demand: It indicates the responsiveness of demand to change in consumer's income.It is the degree of change of demand to a change in consumer's income. 3. Cross elasticity of demand: It refers to change in quantity demanded of commodity x as a result of changes in the price of commodity y. Here, x and y can be either substitute goods or complementary goods).
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What are the types of elastricity of demand?
Oh, dude, there are like three types of elasticity of demand. You've got price elasticity of demand, income elasticity of demand, and cross elasticity of demand. Price elasticity is all about how price changes affect quantity demanded, income elasticity looks at how changes in income impact demand, and cross elasticity measures how the demand for one good changes in response to a change in the price of another good. So, yeah, those are the types, but like, who really needs to know all that, right?
What is the meaning of projected demand?
tae to walang sagot
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
Types and meaning of demand forecasting?
Demand Forecasting Is the estimation of total and maximum quantity needed by the consumers in the market at future time. It must not be higher or lower than the balanced demand. TYPES; qualitative and quantitative demand forecasting.
Is the demand for electricity elastic or inelastic?
The demand for electricity is generally considered to be inelastic, meaning that changes in price do not significantly affect the quantity demanded.
What are the types of elastricity of demand?
Oh, dude, there are like three types of elasticity of demand. You've got price elasticity of demand, income elasticity of demand, and cross elasticity of demand. Price elasticity is all about how price changes affect quantity demanded, income elasticity looks at how changes in income impact demand, and cross elasticity measures how the demand for one good changes in response to a change in the price of another good. So, yeah, those are the types, but like, who really needs to know all that, right?
What is the literal meaning of expostulate?
to demand
What is the meaning of demand draft and normal draft?
is any future of demand draft
What is the meaning of projected demand?
tae to walang sagot
Meaning of requisition?
is is a formal demand for goods or services
Why is the theoretical value for modulus of elastricity for mild steel is different from the calculated value?
because it is the ratio of the stress to the strain and in actual condition the strain developed is different from the theoretical .
What is the meaning of to meet demand?
Demand means what is needed or wanted. If you meet that, you produce or supply as much as is needed or wanted.
What is the meaning of overproduction?
Excessive production; supply beyond the demand.
Whats the Meaning of the word ultimatum?
An ultimatum is a demand that must be met within a specified timeframe. This demand is backed up by a threat of something happening if the demand is not met.
Which 2 words are opposite in meaning demand impede negate ignore provide assert?
Demand and provide are opposite in meaning, in the sense that one is asking for something (requires its provision) and the other is supplying it.
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
Types and meaning of demand forecasting?
Demand Forecasting Is the estimation of total and maximum quantity needed by the consumers in the market at future time. It must not be higher or lower than the balanced demand. TYPES; qualitative and quantitative demand forecasting.
