Question

define price elasticity of demand?


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Answer 1

Answer:

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

Formula

Formulae_{(p)}=\frac{dQ/Q}{dP/P}

Formulae_{(p)}=\frac{dQ/Q}{dP/P}e_{(p)} = price elasticity

Formulae_{(p)}=\frac{dQ/Q}{dP/P}e_{(p)} = price elasticityQ = quantity of the demanded good

Formulae_{(p)}=\frac{dQ/Q}{dP/P}e_{(p)} = price elasticityQ = quantity of the demanded goodP = price of the demanded good

Explanation:

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