Transcription of 06.Elasticity of demand – price, income and cross ...
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06.Elasticity of demand – price, income and cross ...
Percentage Change in Quantity Demanded Ep = Percentage Change in Price or in symbolic terms, Q x 100 Q Q Q Q P Q P Ep = = = x = x P x 100 P Q P P Q P P 2 /10 x100 20 Ep = = = - 4 -5 /100 x 100 -5
06.Elasticity of demand – price, income and cross elasticities – estimation – point and arc elasticity - Giffen ... Also, there are income elasticity of demand and cross elasticity of demand. i) Price Elasticity of Demand It is the ratio of proportionate change in quantity demanded of a commodity to a given proportionate change in its ...
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