Economy, asked by harishankar99655, 8 months ago

The price of goods rises by 10%. As a result, demand falls by 4%. Find out the price elasticity of Demand. Is this demand elastic or inelastic? [Ans. eD =0.4]

Answers

Answered by divya20asha

Answer:

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

Explanation:

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