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Diffrence between price and Income elasticity of demand:
Own price elasticity of demand is the degree of responsiveness of the quantity demanded of a commodity to a change in tis own price and measured as percentage change in quantity demanded divided by percentage change in the price of the commodity. That is:
On the other hand, income elasticity of demand is the responsiveness of demand for a commodity to a change in consumer income and measured as percentage change in quantity demanded divided bypercentage change in income.
Shor tage A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price
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Calculate the price elasticity of demand or supply for the following function when P=8 p=6(I)p=40-0.5q
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