price elasticity of demand
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is an economic measure of the change in the items purchased of a product in relation to its price change.
formula:
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
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Answer:
The responsiveness of quantity demanded of a commodity towards change in its price is known as price elasticity of demand.
Price elasticity of demand ( Ep ) =
proportionate change in quantity demanded/proportionate change in price
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