Business Studies, asked by Baxy42069, 6 months ago

How is the price of a product affected by its elasticity of Demand?

Answers

Answered by shantanukumar9686

5

Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change. Expressed mathematically, it is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price.

Answered by lakshmanmaiti20

18

Answer:

Price Elasticity of Demand Compares Change in Consumption to Change in Price. Price elasticity of demand measures the change in consumption of a good as a result of a change in price. ... A product with an elasticity of 0 would be considered perfectly inelastic, because price changes have no impact on demand.

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