Difference between law of demand and elasticity of demand
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Difference between law of demand and elasticity of demand?!
Answered by admin @
Hey dear here is your
answer :::↔️
➡️➡️Law of demand states that a consumer’s demand shares an inverse relationship with the price of a good. That is, as the price of a commodity increases, the quantity demanded of the commodity falls.
➡️On the other hand, price elasticity of demand measures the degree of responsiveness of the demand for a good to the change in its price. That is, it measures by how much will the demand change in relation to a given change in the price. That is in other words, by what proportion the quantity demanded of a commodity falls due to a given proportionate rise in the price.
➡️Thus, while on one hand, law of demand establishes a negative relationship between price of a commodity and quantity demanded of the commodity, on the other hand, price elasticity of demand measures the degree of this negative relationship
⭕Good day ⭕
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