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ELASTICITY OF DEMAND - Coggle Diagram
ELASTICITY OF DEMAND
FACTOR EFFECTING ELASTICITY OF DEMAND
income level
level of price
time period
nature of commodities
Habits
avaibility of subtitutes
TYPE OF ELASTICITY
perfectly elastic demand
pefectly inelastic demand
Inelastic demand
unitarily elastic
Elastic demand
CHANGE IN TOTAL REVENUE
shift in demand curve
case of disequilibrium
excess supply
excess supply with fixed price
Shift in supply curve
PRICE "EOD"
a measure of the responsivness of quantity demanded to proce changes
Indicate how much buyers quantity demanded will change when price damage
CHANGE IN TOTAL REVENUE
Shift to the right ( TOTAL REVENUE INCREASE)
SHift to the left ( TOTAL REVENUE LOW)
Measures a change in demand for a good when another economic factors change
percentage change in quantity demand / percentage change in price
TOTAL REVENUE
Amount of money obtained by producers
ELASTICITY OF DEMAND DETERMINES THE CHANGE IN TOTAL REVENUE