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Assignment describes Price elasticity of demand, Income elasticity of demand and Cross elasticity of demand of toyota corolla car.
Elasticity of demand refers to the degree of responsiveness of quantity demanded of a commodity to a change in any of its determinants, viz., price of a commodity, price of other commodities and income of consumer.
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ELASTICITY OF DEMAND
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
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