State the types of demand elasticity, Managerial Economics

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State the types of demand elasticity

  • Income Elasticity: Elasticity of demand with respect to change in consumer's income.
  • Price Expectation Elasticity of Demand: Elasticity of demand with respect to consumer's expectations regarding future price of the commodity
  • Price Elasticity: Elasticity of demand for a commodity with respect to change in its price.
  • .Cross Elasticity: Elasticity of demand for a commodity with respect to change in the price of its substitutes.

 


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