Question

Explain feature of percentage method.

Answer 1

Answer:

If the percentage change in demand is proportional to percentage change in price, the elasticity is said to be unity. If the percentage change in demand is more than the percentage change in price, the elasticity is more than one, and if the percentage change in demand is less than percentage change in price, the elasticity of demand is less than unity. Mathematically.

Elasticity of demand = Percentage change in price

Percentage change in demand

Explanation:

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Answer 2

Answer:

Percentage means a number or a ratio expressed in terms of fractions of 100. It is denoted using the percentage sign “%”. The abbreviation used to represent the percentage is “pct” or “pc”. In other words, the percent or the percentage is defined as how much of one quantity is made by the other quantity and it is evaluated in relation to 100.

The percentage formula is:

Percentage, % = (Value × 100) / Total Value