what is price elasticity of demand?
Define microeconomics.
Answers
Answer:
Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change. Expressed mathematically, it is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price.
the part of economics concerned with single factors and the effects of individual decisions.
Answer:
Microeconomics (from Greek prefix mikro- meaning "small" + economics) is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
Price elasticity of demand, 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
Explanation:
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