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18-11-2020
History

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How is the law of demand (a) similar to and (b) different from elasticity of demand?

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jacobdechambe jacobdechambe

18-11-2020

Answer:

Law of demand states the inverse relation between price of a commodity and its quantity demanded.On the other hand, elasticity of demand indicates the rate of change in quantity demanded of the commodity due to change in its price.

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