The law of demand states that there is an inverse relation ship between price and quantity demanded.Besides this,demand for goods is also affected by factor such as,income of consumer season,advertisement expenditure,desire,tastes,fashion etc.The change in demand or direction of change in demand due to change in determinant factors is studies mnder the law of demand.But the law of demand cann't give the amount of change in the demand that occurs.
To fulfil this economists cournot and mill have given the concept of elasticity of demand.This concept of elasticity of demand has been restated scientifically by prof.Marshall ,"The elasticity or responsiveness of demand in a market is great or small according as the amount demanded increase much or little for a given fall in the price and diminishes much or little for given rise in price.
Thus ,the elasticity of demand shows the amount of change in demand due to change in any determinants of the demand such as price.In general ,the elasticity of demand refers to the price elasticity of demand.But this does n't mean the elasticity of demand is only related to price.
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