 We are going to study the elasticity of demand. What we mean by that elasticity elasticity is a measure of responsiveness in the quantity demanded or sold meant demanded by the buyer or sold by the seller to the change in the price or to the change in our income It means when we use the word elasticity तो हम उसमे कही पे ये तखषीस नहीं करई कह सी हया एक कचनी आरच्टी इलास्टी सीती है उसकी ही आर्ट्टी सीती है तो एक लास्टी इलास्टी सीती को है परयसे अगदींसे नहीं है Until, this can be due to change it's income अर्ट्टी can cause the change in the demand at the same time it can change in the supply स piggy Cho elasticity is a mayor of responsiveness that we can utilizeEveryone In various fields either from consumer side or the producer side. Powder But not coming to the elasticity of demand means then we will mayor the Responsiveness In the quantity demanded change in the price we will say the elasticity due to the price or the price elasticity of demand it means it is the responsiveness to the price change or the quantity demanded of the product X due to the change in the price of that X when we have to measure this thing पर्ठूशनास्चिए। टब गधीग धेगधाद दु तो तो पर्ठूशनास्चिए। एक दब पैर्हीग. न उन वह पर्ठध न वह भी भस्वो। आप श 시र्ग देखिख के एक खाँवात हो था, वह न वह तो व करते खिलास्दि सीती के। it means that consumer has changed its position from one point to the other यह हम अगर कहें तो इलास्टी सीती का मतलब है that consumer की एक पहले एक quantity demanded ती और उस quantity के साथ respective एक price ती और अब जो है उसकी due to change in price अब उसने एक नहीं quantity के level को attain किया है तो इन दोनो के दरम्यान इस चींज को तो मैयर जब हम करते है that will be the elasticity of demand लेकिन क्या यह इलास्टी सीती of demand मैयर हम करें तो क्या पहले वले point कोत हैं आखरी वले कोत मुसली हम जो जो जुतिलाइस करते हैं that is called the point elasticity बहुत the best form to calculate is that is called not the that is the mid point formula and this mid point formula it tells that in shifting the point from point one to point two divided by this original change and likewise the change in the price with the average price we can calculate in a better way the price elasticity of demand so the elasticity of demand if we conclude we can say due to this elasticity we can explain the behavior of various commodities if there is a substantial price change but in response to that substantial price change there is small change in the commodity demand it means change in P is much greater than the change in Q or we can say that is the proportional change so if it will be like this we can say that now the elasticity of that commodity is quite less and we can say that product is relatively inelastic and in the other form when we see that a price change that is not very big but an average type of price change has been made or it was not there but in response to that quantity change that is huge or the large so the change in quantity is much larger proportionally as compared to the change in the price if it is like then we can say that it is relatively elastic so this degree which if we measure that demand to the price is mostly called the price elastic or inelastic so this is called coefficient that is in the form of this that is called delta and this value keeping in view it's responsiveness or it's mayor of responsiveness that varies and explains the nature of commodities so now when we say the percentage change in the quantity demanded due to the percentage change in the price of the good that is the elasticity and if this elasticity is greater than 1 either it can be 1.1 or to any other positive or one say greater so then we will say that this is elastic demand and likewise when it will be less than 1 we will say that it is inelastic demand but this elastic demand if we see clearly then we have some clear cut points means when we decide that it is less than 1 or more than 1 it means between these two there is one threshold level that will be called 1 so when the percentage change in the price of the good it will cause the percentage change in the quantity demanded in that form that change or the responsiveness remains constant or equal to 1 it means that is the unit elastic and if we say that the price of the unit is changing from that unit its demand is changing and there can be possibility that if its elasticity of demand there is no change whatever there is the change the more the value increases or the less the value decreases in the price of the commodity in the response of the change the quantity demand will not change so its elasticity is perfectly inelastic it is zero it is called neutral and when in response to some change the quantity demand is in a very huge amount rather than zero it is in a very high amount so we can say that the elasticity of the commodity of demand related to price that is perfectly elastic so by this way we can have five types of the price elasticity of demand and the two extreme cases are either this one means that is the perfectly inelastic where the elasticity is equal to zero and this is the horizontal case when the perfect elasticity is shown and when we explain on one graph we can say now on the one graph this is the zero amount that is the perfectly inelastic that will be uppercase when we will say it is infinity and the center that will show the unit elasticity and here the negative sign actually it shows the direction of the responsiveness respect to the price as we know as per the law of demand that the change in the quantity demanded will always be in opposite to the price chain so in between zero and one there will be this inelastic region and between one to infinity there will be elastic region and when shown on this separate curve we have these five types explained in the various shape where this horizontal line is perfectly elastic inelastic that we have explained unity elastic will have the linear relationship having the slope of unit one and this elasticity will be flatter and relatively inelastic will be a steeper curve when we deal with the elasticity as we see that in this graph it is the responsiveness of quantity with respect to price it means that was the slope but there is a difference between the slope and the elasticity slope it shows the ratio of absolute change in the quantity with the price and elasticity is not the absolute rather it is the ratio of the relative changes in the quantity and the price in fact if we say that in the slope we are taking zero and that point but in elasticity we are taking zero and when we proportional it causes that what was its denominator value so elasticity is the relative so in any elasticity concept that is relative to the relative change now because we have talked about price elasticity so any demand of commodity other than its price other goods price also affect and this other good may be any or the substitute something but we can explain that what will be the change in the commodity demand mean this proportional change due to the change in the price but here this change in the price we will say that if quantity demanded is of x so the price will be of y and if it will be the quantity change is of the other y we will say that the quantity of y due to the change in the price of x so this will be the change in the other commodities price and due to that change there will be the effect of the price of the x1 so we can say that is the cross relationship it is not the own price relationship so cross price elasticity it will mirror when the price of good 1 will cause the change in the demand of the good 2