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Demand of a product is usually very sensitive to economic variables, such as the prices and...

Demand of a product is usually very sensitive to economic variables, such as the prices and consumer income. This responsiveness of demand is elasticity. Explain the different types of demand elasticity with appropriate formula.

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- Page No. In con clasticity & do I v aw boss price elasticity : dQh Pen dB QA elasticity I golroi elastic you will l = new uincome elasticity is % change in quantity demanded due to % change in income

Price elasticity of demand is % change in quantity demanded due to % change in price

Cross price of elasticity is % change in quantity of B due to change in price of A. If it is + it means they are substitutes else complements.

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