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The Law of Demand states that as the price of a commodity increases, the quantity demanded decreases, and vice versa. Elasticity of Demand measures the extent of change in quantity demanded in response to price changes and can be categorized into types such as price elasticity, income elasticity, and advertisement elasticity. Various methods exist to measure price elasticity, including the Total Expenditure Method and the Percentage Method, which help determine how demand responds to price fluctuations.

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bernarddaniel321

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