TyroCity

Economics 12 Notes for Economics Notes

Posted on

Economics XII: Meaning

The law of demand doesn’t explain the percentage change in quality demand due to the certain percentage in price. It shows only relationship between price and demand. But, elasticity of demand measures the percentage change in quality demand due to the certain change in any one determinant of demands when other thing remaining the same. Mathematically it can be expressed as follows:

demand formula

Top comments (0)