Answers
By elastic demand we mean the percent change in quantity demanded is more than the percent change in price.
Elasticity of demand is measured using the following formula
The elastic demand will be one in which the elasticity would be greater than 1. This is possible when numerator is greater than the denominator.
% ∆ Q > % ∆ P
Refer the attached image this is just for your reference.
Example of elastic good Cars, Mobile phones, furniture etc.
Please contact if having any query will be obliged to you for your generous support. Your help mean a lot to me, please help. Thank you.
We were unable to transcribe this image
Price Elastic demand 80 65 Demand 50 110 Quantity
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