Answer to Question #67727 in Microeconomics for Sammi

Question #67727
Briefly explain price elasticity of demand and how it is measured
1
Expert's answer
2017-04-25T02:09:08-0400
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
Reference:
http://www.investopedia.com/terms/p/priceelasticity.asp#ixzz4fAKnMjsE

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS