Question

The concept of elasticity for demand is importance for determining the prices of various factors of production. Discuss the various factors that influences the price elasticity of demand

Answer 1

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Price elasticity of demand is a measure of the responsiveness of consumers to a change in a product's cost. The more general term demand elasticity measures the impact of a change in any of a variety of factors including the product's price.

The formula for any calculation of demand elasticity is the percentage of change in the quantity that is in demand divided by the percentage change in the economic variable. So, if the price elasticity of demand is being measured, the formula would be the percentage of change in the quantity in demand divided by the percentage change in price.

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