Question

what is price elasticity of demand??​

Answer 1

Answer:

When the price elasticity of demand for a good is relatively inelastic (−1 < Ed < 0), the percentage change in quantity demanded is smaller than that in price. ... When the price elasticity of demand for a good is relatively elastic (−∞ < Ed < −1), the percentage change in quantity demanded is greater than that in price.

Explanation:

Answer 2

Explanation:

Price elasticity of demand. ... Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to increase in its price when nothing but the price changes.