Price elasticitya measure of the change in demand for a, Ask an Expert

Economics

Price Elasticity

A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater than the percentage change in price there is the response to a change in price is said to be elastic.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9511988

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