Question

If slight change in price of a good leads to significant change in its demand then its price elasticity of demand is ____​

Answer 1

An elastic good is defined as one where a change in price leads to a significant shift in demand. The elasticity of demand for a given good or service is calculated by dividing the percentage change in quantity demanded by the percentage change in price.

Answer 2

Answer:

If slight change in price of a good leads to significant change in its demand then its price elasticity of demand is __inveteble__