Define price elasticity of demand how is it measured
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Elasticity of Demand. • Price elasticity measures the responsiveness of the quantity demanded or supplied of a good. to a change in its price. It is computed as the percentage change in quantity demanded—or supplied—divided by the percentage change in price.
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PRICE ELASTICITY OF DEMAND IS A MEASURE USED IN ECONOMICS TO SHOW THE RESPONSIVENESS ,OR ELASTICITY ,OF THE QUANTITY DEMANDED OF A GOOD OR SERVICE TO INCREASE IN ITS PRICE WHEN NOTHING BUT THE PRICE CHANGES
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