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Demand analysis (elasticity of demand (possible combination of changes in…
Demand analysis
elasticity of demand
Price elasticity = percentage change in quantity demanded/percentage change in price = change in Q/Q divide by change in p/p
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demand function = describes how much of a commodity will be purchased at certain prices of that commodity and related products, alternate income levels & alternative values of other variables affecting demand
Qd=F(Px,Pr,Y,T,E,....)
Determinants of demand = price of the good, price of related goods, consumer income,population,taste .........
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