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Price elasticity of demand
The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. More precisely, elasticity of demand is the percentage change in the quantity demanded of a commodity as a result of a certain percentage change in its price. A formal definition of price elasticity of demand (e) is given below:
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Compare the price elasticity at two parallel demand curves at a given price. This has been explained in Fig above where two demand curves AB and CD are given that are parallel to e
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