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4 January, 16:22

Define price elasticity of demand. Explain the difference between elastic demand and inelastic demand.

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  1. 4 January, 16:51
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    Price Elasticity of demand is the difference in quantity demanded compared to difference in price. Elastic demand is given change in price causes relatively larger change in the quantity demanded. Non-Elastic demand is given change in price causes relatively smaller change in the quantity demanded.

    One can have a strong effect on the demand curve while the other has a lesser effect!
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