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DIFFERENTIATION — Statistics STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceStatisticsDIFFERENTIATION2 Marks
Question
Define elasticity of demand.
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Answer

Elasticity of demand is the ratio of the relative (percentage) change in demand to the relative (percentage) change in price. If x is demand and p is price, elasticity $\eta = -\frac{p}{x} \cdot \frac{dx}{dp}$.

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