Define price elasticity of demand with its types.
The percentage change in quantity demanded of a commodity due to percentage change in price of that commodity is known as price elasticity of demand.
There are 5 types of price elasticity of demand.
1.Perfectly Elastic Demand:
When negligible change in price leads to infinite change in quantity demanded ,the demand for a commodity is said to be perfectly elastic demand.
In the given figure, the price is measured in OY-axis and quantity demanded is measured along the OX-axis. PD is...