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2.2.8.3. Total expenditure or outlay method
In this method, we consider the change in price and the consequent change in demand for a product in relation to the total amount of money spent by the consumer on the product. The drawback of this method is that we may not know exactly the value of ‘E’ in numerical terms. The classification can be simply made as elastic or inelastic or unitary demand. |
Last modified: Wednesday, 21 December 2011, 7:07 AM