Elasticity of Demand Homework Help
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What is meant by elasticity of demand?
The elasticity of demand is also known as price elasticity of demand which can help to measure responsive demand that change in price on any given goods. A percent change in quality can change to 1% of price. Demands of goods can surely be classified into different categories such as perfectly elastic, unitary elastic, elastic, inelastic and perfectly inelastic which actually based on the concept of elasticity of demand.
- Perfectly elastic: In such case there is little change in price that can lead to change in quality demanded.
- Perfectly inelastic: A change in price can create no change in quantity demanded for goods. Elasticity of demand is known to be zero is such situation.
- Unitary elastic: A change in price can easily produce exactly same percentage change in quality demanded for commodity.
Importance of elasticity of demand
The main reason behind elasticity of demand is that it allows the business to determine the production of production and its cost and how much supply should be done. Elasticity of demand assignment help gives opportunity to understand that business can easily maximize their profits.
Elasticity of demand homework help would deliver knowledge that this is the concept where formula is derived from two different ways and it completely depends on availability of goods at a given time. To calculate the elasticity, it is necessary to have a demand curve for a good and this can either be in graphical or equation format.
While deriving elasticity of demand, it is essential to determine slope of demand curve that is at given point on curve. The very first method is known as arc elasticity of demand. It is a method that is used either:
- When there is no exact equation for demand, or
- You are not aware with taking derivatives
With our Elasticity of demand homework help you can get an in-depth knowledge and help in easily evaluating slop of demanded curve at given point. The second method is known as point price elasticity of demand and it is a method adopted when you:
- Come up with mathematical equation for demand
- Familiar with taking derivatives of equation
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