Question

Explain price elasticity of demand.

Answer 1

Answer:

Price elasticity of demand is a measured used in economics to show the responsiveness,or elasticity of the quantity demanded of good or service to a change in its price when nothing but price when change.

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Answer 2

Answer:

The ‘price elasticity of demand’ helps to measure the demand for a product with an increase in the ‘price of a product’.

Explanation:

The price elasticity of demand helps the people to understand how the demand or supply of goods change when there is an increase or decrease in the price of goods.

There are some goods which are inelastic and their prices do not get affected much with the changes in demand or supply. There are ‘some goods’ which are very elastic with the changes in their demand and supply.