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A price ceiling can be defined as the price that has been set by the government below the equilibrium price and cannot be soared up above that. A price floor is said to exist when the price is set above the equilibrium price and is not allowed to fall. It is used by the government to prevent the prices from hitting a bottom low.
Elasticity of Supply is a measure of the degree of change in the quantity supplied of a product in response to a change in its price. According to Prof. Thomas, “The supply of a commodity is said to be elastic when as a result of a change in price, the supply changes sufficiently as a quick response. Contrarily, if there is no change or negligible change in supply or supply pays no response, it is elastic.”
The cross elasticity of demand can be defined as a measure of a proportionate change in the demand for goods as a result of a change in the price of related goods. According to Ferguson, the cross elasticity of demand is the proportional change in the quantity demanded of good X divided by the proportional change in the price of the related good Y.
An increase in the income of consumers increases the demand for the product even if the price remains constant. The responsiveness of quantity demanded with respect to the income of consumers is called the income elasticity of demand.
The concept of price elasticity of demand plays an important role in the functioning economies by having a significant contribution in the field of industry, trade, and commerce. Not only this, it helps organisations in analysing economic problems and making appropriate business decisions.
The price elasticity of demand of a product reflects the change in the quantity demanded as a result of a change in price.Factors Affecting Price Elasticity of Demand: Relative Need for the Product, Availability of Substitute Goods, Impact of Income, Time under Consideration, Perishability of the Product, Addiction.