Explanation of Solution
In order to calculate the
Formula-:
Introduction:
The Price elasticity of demand (
Explanation:
In order to calculate the price elasticity demand is denoted with the symbol ?. For calculating the price elasticity of demand, the initial quantity demanded is denoted as Q0 while the initial price is marked as P0.In order to work out for the price elasticity of the demand, the first step is to calculate the percentage change in terms of quantity demanded along with a percentage of pricing. To calculate the change in demand is divided by the original demand and then we need to multiply with the 100.
Formula-:
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