Learning Contents:                                                             ·          Introduction to Price Elasticity of Demand ·          Various Degrees of  Price Elasticity of Demand   Introduction This post will explore how demand responds to change in own price of the commodity. As studied earlier, The Law of demand states that other things remain constant, price and quantity demand are inversely related to each other. If the price falls, quantity demand rises. On the other hand, if price rises, quantity demand falls. Therefore, the concept of demand measures only the directi...