Define price elasticity of demand. Explain the difference between elastic demand and inelastic demand.

1 answer:

lina2011 [118]3 years ago

8 0

Price Elasticity of demand is the difference in quantity demanded compared to difference in price. Elastic demand is given change in price causes relatively larger change in the quantity demanded. Non-Elastic demand is given change in price causes relatively smaller change in the quantity demanded.

One can have a strong effect on the demand curve while the other has a lesser effect!

You might be interested in

In which region is Christianity most widely practiced?

garri49 [273]

Answer:

Christianity is the predominant religion in Europe, Russia, North America, South America, the Philippines, East Timor, Southern Africa, Central Africa, East Africa, and Oceania.

Explanation:

Christianity is the predominant religion in Europe, Russia, North America, South America, the Philippines, East Timor, Southern Africa, Central Africa, East Africa, and Oceania.

8 0

4 years ago

Read 2 more answers

In Feudal society, ___ produced agricultural goods that people needed in order to survive.

NARA [144]

Answer:

Manors

Hope this helps!

5 0

3 years ago

Read 2 more answers

PLZ PICK FROM A OR B ONLY!!!!!!!!

slega [8]

The correct answer is B. The Nuremberg trials made every person involved in war crimes and genocide accountable for their actions during war time. The excuse of “ just following orders” could no longer be used to defend one’s actions in war.

8 0

4 years ago

These are a form of “word play” or a “play on words,” which suggest two or more meanings by using of words with multiple meaning

Sophie [7]

A. Puns. For example, calling a pun "punny" would be a pun, as it is a play on the words "pun" and "funny".

4 0

3 years ago

Read 2 more answers

What type of discrimination did Sylvia Mendez help end?

Katen [24]

I think it’s C School segregation.

3 0

3 years ago