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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the price elasticity of demand? Can you explain it in your own words?

To determine

Define price elasticity of demand in your own words.

Explanation

Price elasticity of demand : The degree of responsiveness to change in quantity demanded due to change in its price.

The formula for calculating elasticity of demand is as follows:

e = ΔQΔP×PQ

Where, △Q and △P refers to the change in quantity demand and change in price respectively

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