What is elasticity of demand

First, think of 'elasticity' as a general word.it means "ability stretch". Therefore elasticity of demand could be understood to be how demand of a certain commodity strecthes or reacts in response to changes variables that affects demand.

CO
Answered by Cynthia O. Economics tutor

2290 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

What's the difference between PED, PES, YED, and XED?


Explain the significance to fiscal policy of the philips curve, referencing the interrelation of its components.


Evaluate the use of barriers to entry in order for firms to make economic profit.


Describe a positive externality


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences