NTA-NET (UGC-NET) Economics & Development (01) Micro-Economic Analysis-Theory of Demand Study Material (Page 3 of 5)
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Elasticity of Substitution
Elasticity of substitution is the proportionate change in the ratios of good x and y to a proportionate change in the price ratio.
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Price Elasticity
Elasticity
Elasticity tells about the degree of responsiveness of quantity demanded of a good to a change in the price of a good, income or change in prices of related goods.
Price Elasticity
This means the degree of responsiveness of quantity demanded of a good to a change in the price of a good.
There are 3 methods of calculating price elasticity.
Percentage Method
Price Elasticity
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