Distinguish between elasticity of demand and price elasticity of demand.
Elastic of demand is the measure of the degree of responsiveness of quantity demanded of a commodity to changes in the factors that affect demand.
Or
Elastic of demand is the propionate change in quantity demanded of a commodity to proportionate change in the factors that affect its demand.
Whereas
Price elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to changes in its price.
Or
Price elasticity of demand is the proportionate/percentage change in the quantity demanded of a commodity to proportionate/ percentage change in its price
CATEGORIES Economics
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