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

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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

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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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