Use These Methods to Measure the Elasticity of Demand

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The elasticity of Demand: According to the market surveys, the demand of the product always increased or decreased. The main fact is that the extent of responsiveness of demand with the change in the product price is not always the same. According to the survey the product demand can be elastic and we can get the entire information about the rate of change in the demand with respect to alter the price of the product. We can easily make the changes according to the product demand and quality. We are also writing the various types in our Economics assignment help so that every student gets the best and appropriate information about the selected topics.

Types of Price Elasticity of Demand

There are various methods to get the idea about the various methods to know the complete information about to handle the elasticity of demand.

  • Perfectly Elastic Demand: In this when small changes occur in the price that mainly affects the demand of the products. If price increased then demand decreased and vice versa.
  • Perfectly Inelastic Demand: In this type, the change never occurs permanently. A perfectly inelastic demand is one when there is no change occurs in the demand of a product with change in its price.
  • Relatively Elastic Demand: This may occur according to the demand and quality. Sometimes, demand may never change at the time of price increased. Because of the quality of the product we always collect the same output.

Main Methods to Measurement of Elastic Demand

  • The Percentage Method: We can easily measure the demand of the product with the help of the percentage of you can say that its coefficients Ep. In this coefficients Ep calculate the change in the form of percentage according to the quality of the products.
  • The Point Method: This is one of the most popular methods to measure of elastic demand of the product. We mainly define the entire calculation according to the market survey in the diagram. This will deliver the complete idea about the change according to the appropriate data.
  • The Arc Method: This method we also use to define the entire calculation. We can define the entire change on the Arc of the diagram. This is the easiest method to define the entire change of the price.
  • The Total Outlay Method: We use this method to grab the complete calculation on the entire product or you can day that high quantity of the products. We can easily get the entire amount by calculating the entire expenditure.

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