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

2795 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

What are the different types of price discrimination?


Explain one disadvantage of increasing the budget deficit


Why can firms in a perfectly competitive market only achieve normal profits in the long run?


Explain the 2 ways in which a reduction in interest rates can change consumption in the aggregate demand model of the economy.


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2026 by IXL Learning