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hello its getting intresting day by day and i am starting enjoying it  Demand plays an import role in the decision making in almost every sphere of life especially for the firms, government and the organisations. An understanding of the demand of goods and services is a essential ingredient for the business firms to compete at the market place. This lesson titles "Elasticity of Demand" is intended to equip the learner in understanding elasticity of demand and its importance in business. (please scroll)

Demand is the desire backed by willingness to pay  and 'ability to pay''. ''' Merely,  a wish to have a commodity does not become demand. A person wishing to have a commodity should be willing to pay for it and should have ability to pay for it. '' Thus a desire becomes demand if it is backed by willingness to pay and ability to pay. ''Demand is meaningless unless it is stated with reference to a price.

The term elasticity was developed by Alfred Marshall, and is used to ''measure the relationship between price and quantity demanded. '' Elasticity means responsiveness. Elasticity of demand refers to the responsiveness of quantity demanded of a commodity to change in its price .The concept of elasticity of demand plays a crucial role in business-decisions regarding fixing of price with a view to make larger. '                                                                                                            ............................... ' More About Elasticity of Demand→

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