Importance of Price Elasticity of Demand
The concept of price elasticity of demand plays an important role in the functioning economies by having a significant contribution in the field of industry, trade, and commerce.
Price Elasticity of Demand
The concept of price elasticity of demand plays an important role in the functioning economies by having a significant contribution in the field of industry, trade, and commerce.
The price elasticity of demand of a product reflects the change in the quantity demanded as a result of a change in price.
There are 5 types of price elasticity of demand: Perfectly Elastic, Perfectly Inelastic, Relatively Elastic, Relatively Inelastic, Unitary Elastic.
Price elasticity of demand is the measure of a change in the quantity demanded of a product due to change in the price of the product in the market.
Elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers.