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The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the quantity demanded by consumers will reduce (enhance). The relative proportions of the changes in price and the respective quantities demanded are the responses of consumers and are referred to as the price elasticity of demand.
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Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low
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