Question

Define price elasticity of demand...Essay Question Answer✅ Correctly❌ Wrong answer will be reported...​

Answer 1

Answer:

Price elasticity of demand is defined as how demand changes as a result of a change in price. It can be said that if a reduction in price leads to an increase in demand then demand is relatively elastic. Elasticity is usually negative. There is an alternative scenario where demand will increase as price does so too.

Answer 2

Explanation:

Price elasticity of demand,us the degree to which the effective desire for something changes as its prices changes.In General people desire things less as those things become more expensive.