what is elasticity of demand?
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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 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
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Price elasticity of demand, or elasticity, is the degree to which the effective desire for something changes as its price changes. In general, people desire things less as those things become more expensive.
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