Question

price elasticity demand

Answer 1

price elasticity of demand is define as the degree of responsiveness of the quantity demanded of good Q₁ when the price of good,P₁changes,where Q₁=f(P₁),and its express by.
∈₁₁=(ΔQ₁/Q₁)/(ΔP₁/P₁)
where ∈₁₁= elasticity of good
            ΔQ₁=change in demand for x₁;
            Q₁=original quantity demanded for x₁;
            ΔP₁= change in own price of good;
            P₁= original price of good.