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ELASTICITY OF DEMAND

QuestionAnswer
Define ELASTICITY OF DEMAND degree to which the demand for a good or service decreases in response to a price increase Or degree of responsiveness of a change in demand with respect to the change in any of the factors that it depends on, especially price
Mention the 3 types of demand 1. elastic demand 2. inelastic demand and 3. unitary elastic demand.
A small price change leads to a large change in quantity demanded Or when a minor price change has a significant effect on demand. Elastic demand
when a minor price change does not have a significant effect on demand. Inelastic demand
Occurs when price and demand change at the same rate. Unitary demand
Mention 6 factors that affecting demand 1. Price 2 . Income 3. Consumer preference 4. Population 5. Substitutes 6. Complement
Mention 6 factors that affecting supply 1. Price 2. Production cost 3. Technology 4. Government policies 5. Expectation 6. Numbers of suppliers
A maximum price set by the government, above which a product or service cannot be sold. Intended to protect consumers from high prices. Price of ceiling
A minimum price set by the government, below which a product or service cannot be sold. Intended to protect producers or suppliers from low prices. Price of floor
Created by: Faith111
 

 



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