Question

elasticity of demand​

Answer 1

Explanation:

Price elasticity of demand is a measure of the responsiveness of consumers to a change in a product's cost. ... The formula for any calculation ofdemand elasticity is the percentage of change in the quantity that is in demand divided by the percentage change in the economic variable.

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Answer 2

Answer:

Elastic demand is when price or other factors have a big effect on the quantity consumers want to buy. You'll see it most often when consumers respond to price changes. When prices rise, people buy less. The elasticity ofdemand tells you how much the amount bought decreases when the price increases.