A commodity that can be used for different purposes (such as milk) will have an elastic demand. This is because if the price of this commodity increases, it will be used only for important purposes leading to a drastic fall in demand.
Elastic demand for a good implies that the demand for a good is highly responsive to its price. In this case, the percentage change in demand is greater than the...
The concept of elasticity of demand is used by trade union leaders in collective bargaining. For instance, the trade union leaders can bargain for higher wages if they know that...
You can update single or multiple elements of lists by giving the slice on the lefthand side of the assignment operator, and you can add elements in a list with...
