Social Studies, 07.01.2020 01:31 viviansotelo12

The degree to which quantity demanded changes after a price change is called elasticity of demand. a substitute good. a complementary good. consumer demand.

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The degree to which quantity demanded changes after a price change is called elasticity of demand. It is the degree to which changes in a goods price affect quantity demanded by consumers and shows how sensitive the demand for a good is. If a change in price results in a big change in the amount supplied the demand is elastic.

Answer from: ricardodeleon152

The degree to which quantity demanded changes after a price change is called Elasticity of demand.

Further Explanation Demand Demand refers to the ability and willingness of consumers or buyers to buy a quantity of goods or services at a particular price. Consumers will buy certain quantity of goods or services at a particular price in the market. Demand of goods or services by the consumers is determined by the prevailing market price, such that the higher the price the higher the demand. Consumers will be willing to buy more goods and services at a lower market price while their ability to buy will decrease at higher prices. Elasticity of demand. Elasticity of demand is a measure of how demand for goods and services varies due to certain economic factors such as consumer income and prices of goods. It is calculated as a percentage change in the quantity demanded divided by percentage changes in economic variables such as consumer income. Types of elasticity Price elasticity of Demand Price elasticity of demand refers to the responsiveness of demand relative to changes in price. It shows how demand of a good changes relative to the price of that good in the market. Cross-elasticity of demand This type of demand elasticity is calculated by dividing the percentage change in the quantity demanded by the percentage change of the price of another good. It shows the responsiveness of demand for a commodity relative to the prices of other goods in the market. Price elasticity of supply This elasticity measures how the quantity supplied varies due to changes in the price. Income elasticity of demand It is the type of elasticity which shows how the quantity demanded responds relative to the changes in the income of consumers.

Keywords: Elasticity of demand, Demand, elasticity, types of elasticity

Learn more about: Demand: Elasticity of demand: Law of demand: Demand schedule:

Level: High school

Subject: Business

Topic: Demand and supply

Sub-topic: Elasticity of demand

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The degree to which quantity demanded changes after a price change is called elasticity of demand. a...

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