## Factors Affecting Price Elasticity of Demand

The price elasticity of demand of a product reflects the change in the quantity demanded as a result of a change in price.

## Types of Price Elasticity of Demand

There are 5 types of price elasticity of demand: Perfectly Elastic, Perfectly Inelastic, Relatively Elastic, Relatively Inelastic, Unitary Elastic.

## What is Price Elasticity of Demand? Formula, Example, Measurement

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.

## What is the Elasticity of Demand? Definition, Formula, Example, Types

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.

## What is Indifference Curve? Properties, Assumption, Analysis

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.

## What is Law of Diminishing Marginal Utility? Example, Definition

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.

## What is Utility in Economics? Definition, Meaning, Concept, Formula

In economics, utility can be defined as a measure of consumer satisfaction received on the consumption of a good or service.

## What is Consumer Demand in Economics | Definition, Assumptions

Consumer demand is defined as the willingness and ability of consumers to purchase a quantity of goods and services in a given period of time, or at a given point in time.

## What is Market Equilibrium? Definition, Graph, Price, Demand & Supply

Market Equilibrium is a situation where the price at which quantities demanded and supplied are equal (Supply = Demand).

## Supply Curve Shifts

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.