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Answer to Question #67727 in Microeconomics for Sammi

Question #67727
Briefly explain price elasticity of demand and how it is measured
Expert's answer
Price elasticity of demand is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. The formula for calculating price elasticity of demand is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price

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