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28 Sep 2019
a) What is the advantage of using the price elasticity rather than the slope of the demand curve or its inverse to measure the responsiveness in the quantity demanded of a commodity to a change in its price?
b) Why and how is the formula for arc price elasticity of demand different from the formula for point price elasticity of demand?
a) What is the advantage of using the price elasticity rather than the slope of the demand curve or its inverse to measure the responsiveness in the quantity demanded of a commodity to a change in its price?
b) Why and how is the formula for arc price elasticity of demand different from the formula for point price elasticity of demand?
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Joshua StredderLv10
28 Sep 2019