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Explain the difference between a change in quantity demanded and a change in demand.
Change in quantity demanded" refers to movement with the demand curve. For instance, if the price of apples rises, all other things being equal, and people will buy fewer apples; thus, the quantity demanded will reduces. A "change in demand" refers to a situation in which the whole demand curve shifts. For example, if a large number of new people move into your neighbourhood, there will be a larger pool of people interested in buying apples at the local grocery store.
Point elasticity: It refers to measurement of elasticity on a point On a demand curve. Point elasticity helps in measuring elasticity where change in price and quantity is infinite
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All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand. Most home owners are recognizable with how this de
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