Types of Demand Elasticity
What is the meaning of elasticity of Demand ? The elasticity of Demand means a change in demand of the…
elasticity of Demand
The elasticity of Demand means a change in demand of the commodity as a result of changing determinants of the demand. If not, the responsiveness of quantity demanded of the product since when changing price, income, prices of subsidiaries or anyone. To see what is demand, kindly click here. There are three main types of demand elasticity.
The elasticity of Demand is a very critical area in the demand subject of economics since it helps to make decisions about the demand quantity of the product and the price of the product.
Main types of demand elasticity
There are three main types of demand elasticity. They are,
- Price elasticity of demand
- Cross price elasticity of demand
- Income elasticity of demand