Question

what is meant by price elasticity of demand?

Answer 1

Heya...

Price elasticity of demand refers to the measurements of degree of percentage change in Quantity demanded of a commodity with respect to percentage change in price of that commodity...
% change in Quantity demanded / % change in price of commodity..

Answer 2

price elasticity of demand is measure used in economics to show the responsiveness or elasticity of quantity demand of a good or service to Change in it's price when nothing but the price changes.

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