In December 2024
Answer to Question #161014 in Microeconomics for Muskaan
What is highly elastic demand
The price elasticity of demand is the percent change of demand in response to percent change in price. From this point of view, the highly elastic demand is the demand when the percent change in price causes a great change (either increase or decrease) in quantity demanded. For example, the bouncy balls have highly elastic demand (because the quantity demanded of bouncy balls is extremely responsive to change in price).
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