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Business Economics Assignment - Price elasticity of demand

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Added on  2020-04-15

Business Economics Assignment - Price elasticity of demand

   Added on 2020-04-15

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Running head: BUSINESS ECONOMICSBUSINESS ECONOMICSName of Student:Name of University:Author Note:
Business Economics Assignment - Price elasticity of demand_1
1BUSINESS ECONOMICSTABLE OF CONTENTANSWER-1:....................................................................................................................................2Price elasticity of demand:...........................................................................................................2ANSWER-2:....................................................................................................................................3Absolute & comparative advantage:............................................................................................3Reference:........................................................................................................................................4
Business Economics Assignment - Price elasticity of demand_2
2BUSINESS ECONOMICSANSWER-1:Price elasticity of demand: Price elasticity of demand captures degree of responsiveness of the consumers in terms ofquantity demanded. It makes reflection of the intensity and direction regarding the change sin demand for unit change in price. Elasticity helps to capture the direction as well as intensity of variation in quantity demanded for one unit rise or fall in price. It is defined as:Ed = %change∈quantiydemanded%change∈price
Business Economics Assignment - Price elasticity of demand_3

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