Price elasticity demand
If Price elasticity demand > 1, then demand responds more than proportionately to a change in price i.e. demand is elastic. For example if a 10% decrease in the price of a good leads to a 30% increase in demand. The price elasticity of demand for this price change is 3.
Luxury goods are more than unitary elastic.
supposed k AC ki price agar kam ho jaye tou iss ki demand barh jaye gi
or jitni price kam hogi demand oss sa zada barye gii
or jitni price kam hogi demand oss sa zada barye gii
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