Maharashtra Board Class 12 Solutions for Economics Chapter 3B Elasticity of Demand

This chapter introduces students to the concepts of elasticity of demand. In the previous chapters, they have studied what demand is and how to analyse it. Here, they will learn what the factors or variables that determine the elasticity of demand of a commodity are.

There are three types of elasticity of demand taught in this chapter. These types are income, cross, and the price elasticity of demand. All these types focus on particular variables. For instance, the income elasticity of demand depends on the income of the population. It is also of three kinds which are positive, negative and zero income elasticity.

Cross elasticity, on the other hand, is the calculation of the change in demand for a product due to the change in the price of another product. To understand the concepts of this chapter, focus on the Maharashtra Board Class 12 Economics Solutions Chapter 3B Elasticity of Demand.

Price elasticity of demand explains how the demand for commodity changes when its price changes. If you observe, you will find that all the demand elasticity types are of three types. Hence, understanding the concepts will not be a problem if you focus on the fundamental principles.

Benefits of Class 12 Economics Chapter 3B Elasticity of Demand Solutions

• These solutions can be downloaded easily in PDF format and can be referred to whenever you want. You can use it as a reliable study material when you want to solve and check the answers to the 3B Elasticity of Demand exercise questions.

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