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Demand — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsDemand2 Marks
Question
What is elasticity of Demand ?
✓

Answer

  • There are several determinants of demand. The change in these factors affects the demand.
  • Elasticity of demand explain the amount of change in demand due to change in these factors.
  • Generally the demand for a commodity depends on price, price of relative goods, income of the consumer, quality of the good, advertisement, taste etc.
  • There are four types of elasticity of demand.
  • Price elasticity of demand
  • Cross elasticity of demand.
  • Income elasticity of demand.
  • Advertisement elasticity of demand.

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