price elasticity of demandis the responsiveness
Price Elasticity of Demand
Is the responsiveness of the quantity demanded to changes in price; its co-efficient is
Ped = Proportionate change in quantity demanded
Proportionate change in price
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goals of the firmhow much is produced by a firm depends on its objectives a firm which aims to maximise its sales revenue for example will
factors influencing supply curvestate of technology there is a direct relationship between supply and technology improved technology
stable and unstable equilibriuman equilibrium is said to be stable equilibrium when economic forces tend to push the market towards it in other
definition of elasticityis defined as the ratio of the relative change of one dependent variable to changes in another independent variable or its a
price elasticity of demandis the responsiveness of the quantity demanded to changes in price its co-efficient isped proportionate change
types of price elasticity of demand a perfectly inelastic demanddemand is said to be perfectly inelastic if changes in price have no
factors determining elasticity of demand ease of substitution nature of the commodity ie whether it is a necessity of life luxury or addictive
practical importance of the knowledge of price elasticity of demandthe practical importance of the measures of elasticity of demand is to be
income elasticity of demandthe income elasticity of demand measures the degree of responsiveness of the quantity demanded of a product to changes in
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