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2.12 : Degrees of Elasticity of Demand

The elasticity of demand gives a systematic approach to understanding how demand for various goods responds to changes in their prices. It categorizes commodities into five different degrees based on their sensitivity to price alterations.

Figure 1

This range demonstrates the diverse consumer behaviors and preferences that exist in the market. Understanding these degrees of elasticity helps businesses and policymakers make informed decisions about pricing strategies and policy-making.

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Elasticity Of DemandDegrees Of ElasticityConsumer BehaviorPrice SensitivityPricing StrategiesMarket PreferencesDemand ResponsivenessCommoditiesInformed DecisionsPolicy making

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2.12 : Degrees of Elasticity of Demand

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