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Point elasticity measures elasticity at finite points on the demand curve. Arc elasticity measures the elasticity at the midpoint of the arc between two points on the demand curve.
In economics, a demand curve is a graph that shows the relationship between the price of a particular commodity and the quantity of that commodity demanded at that price. A demand curve can be used for the relationship between price and quantity for an individual consumer or for all consumers in a given market.
The demand curve is represented by a line graph called a demand plan, with price on the vertical axis (or Y-axis) and quantity of goods sold on the horizontal axis (or X-axis).
Demand is an economic concept that refers to consumers' desire to purchase goods and services and their willingness to pay a particular price for them. When the price of a good or service increases, the quantity demanded tends to decrease.
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