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The economic principle of elasticity of demand measures the degree of consumer response to alterations that happen in quantity demanded due to a change in price when all the factors remain constant. When students struggle with the job of completing assignments on economics topics they contact the skilled writers of BookMyEssay. Every writer of our organization is sufficiently experienced in assisting students in various ways. Our best Australian writers go through the guidelines very well and so, our Elasticity of Demand assignment help always makes students botheration-free regarding their work.

What is Meant by Elasticity of Demand?

The elasticity of demand happens to be the measure of consumers’ response to an alteration to the cost of a product and it measures the effect of an alteration in any factor that includes the price of a product. The formula of elasticity of demand is considered the percentage of alteration in the quantity which is demanded divided by the economic variable’s percentage change.

Hence, when the elasticity of demand gets measured, then the formula turns out to be the percentage of alteration in the quantity of demand which gets divided by the percentage alteration in cost. As the demand for specific products becomes more responsive to the changes in price, demand becomes elastic or inelastic. 

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At a time when the demand for an item tends to be elastic, then the demanded quality becomes hugely responsive to the change in price. Additionally, we include every aspect of a subject very well and so, our work tends to be flawless in every sense.

Again, when the demand for an item is inelastic, then the quality which is demanded responds poorly to the change in price. So, an alteration in price does affect the demand of an elastic product though it will leave very little impact on the demand of an inelastic product.

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Kinds of Elasticity of Demand

There are five kinds of elasticity of demand and they are:

Perfectly Inelastic Demand – When there is perfectly inelastic demand, then people see no alteration in a product’s demand with an alteration in its price and by this, it is meant, demand continues to remain constant for any change in price. This is practically impossible to discover an item which has ideal inelastic demand and the closest things can be essentials, such as water or some certain food products.

Relatively Inelastic Demand – This situation happens when the percentage alteration in demand happens to be lesser compared to the percentage alteration in a product’s price. For instance, when the cost of an item does increase by 15 percent but the demand for its item lessens by 7 percent, then the demand is known as relatively inelastic.

Unit Elastic Demand – Demand tends to be unit elastic at a time when the proportionate alteration in demand creates a similar change in the cost. The demanded quantity alters by a similar percentage as an alteration in price.

Relatively Elastic Demand – This kind of elasticity of demand is viewed as the proportionate alteration which is created when demand happens to be greater compared to the proportionate alteration in the product’s price. For instance, when the product’s price escalates by 10 percent then the product’s demand lessens by 15 percent and due to this; the demand turns out to be relatively elastic.

Perfectly Elastic Demand – In this situation, a little rise in cost does result in the lessening of demand to 0. Again, a little fall in price does make the demand infinite. Consumers purchase all available at a cost but none of them at any other cost. It is a theoretical concept as it needs ideal competition where a slight price increase gives its outcome in zero demand.

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