Question

According to class 10 icse, define price elasticity of demand

Answer 1

Answer:

Prîçê Élàstîçîtÿ

Price Elasticity of demand refers to the degrees of responsiveness of the quantity of the product in response to a change in its price.

Price Elasticity is the ratio of percentage change in the quantity demanded of the product to the given percentage change in its price.

Thus,

ep = (Percentage change in quantity demanded ) / (Percentage change in Price)

here, ep denotes Elasticity of Price

(It's formula is explained in the mentioned attachment, please refer to it)

hope it may help you...

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