Types of elasticity of demand include;
1: Own price elasticity of demand-refers to the measure of the degree of responsiveness of the quantity demanded of a commodity due to change in price of the same commodity
2: Point elasticity of demand-refers to the measure of elasticity at a particular point on the demand curve
3: Cross elasticity of demand-refers to the degree of responsiveness of the quantity demanded of one commodity due to change in price of another commodity
4: Income elasticiy-refers to the measure of the degree of responsiveness of the quantity demanded due to changes in income
5: Arc elasticity of demand-This is measure of price elasticity between two points in a demand curve.
Kalis answered the question on March 23, 2018 at 15:18
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