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.
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.
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.
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