Elasticity Of Demand And Its Applications
October 27, 2022 ⚊ 1 Min read ⚊ Views 103 ⚊ EDUCATIONElasticity of demand is the concept that a change in price affects the demand for a specific good. Higher incomes are more able to purchase higher quality goods, while lower incomes are more able to purchase inferior goods. The Cross Price Elasticity of Demand (CPED) measures the effect of changes in price on demand.
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