Brief About Elasticity Of Demand
Price elasticity of demand measure the correspondence size and amount changes in the quantity demanded of a commodity to a given change in its price. The price elasticity of demand positively measures the response of the quantity demanded of a good to a change in its price when all other effect on buyers plan remain same.
It means the percentage change in quantity demanded of a commodity to a percentage change in any of the variable. Its human nature to find a substitute for himself at certain period of time when his/her wants are not fulfilled. Basically price elasticity of demand means substitute to other goods according to the time and budget of the customer.
Suppose, lets take a example of tomato, if a consumer does't gets tomato in the market he/ she substitute it with tamarind. Consumer always goes for the availability of close substitute within a short period of time and in his/her budget.
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