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16 PRICE ELASTICITY OF DEMAND

NotesECONOMICSMODULE - 6 PRICE ELASTICITY of DemandConsumer's Behaviour 6416 PRICE ELASTICITY OFDEMANDYou learnt that the law of DEMAND which explains the inverse relationship betweenprice and quantity demanded of a commodity. The law of DEMAND explains onlydirection of change in quantity demanded but does not tell us by how much amountthe quantity demanded changes due to change in the PRICE . The response ofquantity demanded to change in PRICE of the commodity differs in different forms the subject matter of the study of PRICE ELASTICITY of completing this lesson, you will be able to:zexplain the meaning of ELASTICITY of DEMAND ;zexplain the meaning of PRICE ELASTICITY of DEMAND , income ELASTICITY of demandand cross ELASTICITY of DEMAND ;zexplain various degrees (types) of

Notes ECONOMICS MODULE - 6 Price Elasticity of Demand Consumer's Behaviour 68 or very little change in its price (see table 16.5). Graphically, the demand curve is parallel to X-axis as shown in Fig. 16.5.

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