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What is Price Elasticity of Demand Explained about?

1. Price elasticity of demand measures the responsiveness of quantity demanded to a change in price. It is calculated as the percentage change in quantity divided by the percentage change in price. 2. Elastic demand occurs when the percentage change in quantity is greater than the percentage change in price, resulting in a price elasticity greater than one. Inelastic demand is when the percentage change in quantity is less than the percentage change in price, resulting in a price elasticity less than one.

Author

Gladymae Maggay

Language

EN