Elasticity of Demand- It refers to response shown by demand due to change in price of commodity. In other words, it refers to percentage change in quantity demand due to percentage change in price. ▶ Measurement Of Price Elasticity 1. Total Expenditure Method 2. Percentage Method 1. Total Expenditure Method(TE) :- TE= P×Q. where, P= Price Q= Quantity According to Prof. Marshall. There are three situations or cases. Case 1. e d = 1 or ed = unitary [ed means elasticity of dem...