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.

Answered by Cynthia O. Economics tutor

1879 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

Explain the Prisoner's Dilemma


Distinguish between positive and normative statements


[Edexcel Economics A 2015] With reference to the information provided, examine two pricing strategies an oligopolist like Sony may use to maximise profits (8).


Please identify and explain the 2 main factors that cause the downward sloping demand curve.


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 2013–2024

Terms & Conditions|Privacy Policy