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What is meant by price elasticity of demand?
What is meant by price elasticity of demand?
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Solution
Price elasticity refers to the degree of responsiveness of change in quantity demanded due to the change in its price. In certain cases, the change in demand may be at higher rates, in some cases, it may be lower and sometimes there may not be change.
Price elasticity refers to the degree of responsiveness of change in quantity demanded due to the change in its price. In certain cases, the change in demand may be at higher rates, in some cases, it may be lower and sometimes there may not be change.
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