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What is price elasticity of demand?

Asked by Topperlearning User 25th April 2016, 9:33 AM
Answered by Expert
Answer:

Price elasticity of demand measures the responsiveness of quantity demanded for any good because of one percent change in the price of that good. Thus, the percentage method of calculating the price elasticity of demand for a good is as follows:

ep = Percentage change in the demand for the good/Percentage change in the price of the good

Answered by Expert 25th April 2016, 11:33 AM
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