Question

What do ya' mean by "Elasticity of Demand" in terms of Economics..​

Answer 1

Answer:

Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its price. Expressed mathematically, it is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price.

Answer 2

Answer:

An elastic demand is one in which the change in quantity demanded due to a change in price is large. ... In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary.