Economy, asked by hunnydahiya55, 4 months ago

What is meant by elasticity of demand? Explain price elasticity of demand.

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Answered by PshychoISHU

2

Answer:

Good morning

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.

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