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What is the statement about elasticity of demand?
What is the statement about elasticity of demand?
Thu Jan 09 2025
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6 answers
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I am trying to understand the elasticity of demand concept. I want to know how it is defined and what factors affect it. Additionally, I'm curious about how elasticity of demand impacts pricing and sales strategies.
6 answers
Sat Jan 11 2025
Elastic demand refers to a situation where the quantity demanded of a product undergoes a significant change in response to a variation in its price.
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Sat Jan 11 2025
Conversely, inelastic demand signifies a scenario where the quantity demanded remains relatively stable despite fluctuations in price.
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Sat Jan 11 2025
This economic principle is crucial for understanding consumer behavior and market dynamics.
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Sat Jan 11 2025
The elasticity of demand can be calculated using specific formulas that take into account the percentage change in quantity demanded and the percentage change in price.
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Fri Jan 10 2025
When the resulting value from this formula is greater than 1, it indicates that the demand for the product is elastic.
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