Elasticity of demand

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What Is Elasticity of Demand? A very important price indicator is the elasticity of demand (EL) of a good or service. When a product or service is sold at a price that is generally expected by consumers, but when the price is increased, the quantity demanded is likely to fall. In other words, ELO (elasticity of demand) is a measure of the responsiveness of demand to a change in price.

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Elasticity of Demand, on the other hand, specifically measures the effect of change in an economic variable on the quantity demanded of a product. There are several factors that affect the quantity demanded for a product such as the income levels of people, price of the product, price of other products in the segment, and various others.

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Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It can be described as elastic, where consumers are responsive to price changes, or inelastic, where consumers are less responsive to price changes. Price elasticity, therefore, is a measure of how consumers react to the price of products and services.

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