The price elasticity of demand of a product reflects the change in the quantity demanded as a result of a change in price.
There are 5 types of price elasticity of demand: Perfectly Elastic, Perfectly Inelastic, Relatively Elastic, Relatively Inelastic, Unitary Elastic.
Price elasticity of demand is the measure of a change in the quantity demanded of a product due to change in the price of the product in the market.
Elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers.
Indifference curve can be defined as the locus of points each representing a different combination of two good, which yield the same level of utility and satisfaction to a consumer.
The law of diminishing marginal utility states that as the quantity consumed of a commodity continues to increase, the utility obtained from each successive unit goes on diminishing, assuming that the consumption of all other commodities remains the same.
In economics, utility can be defined as a measure of consumer satisfaction received on the consumption of a good or service.
Movement along Supply Curve is when the commodity experience change in both the quantity supply and price, causing the curve to move in a specific direction.
In economics, a Supply schedule is defined as a tabular representation of the law of supply.
According to the law of supply, the quantity supplied increases with a rise in the price of a product and vice versa while other factors are constant.