If the price of a good increases by 20% and the quantity demanded changes by 15%, then the price elasticity of demand is equal to: 0.75.
Price elasticity of call for is a dimension of the trade inside the consumption of a product when it comes to a trade in its fee. Expressed mathematically, it is: rate Elasticity of call for = percent exchange in amount Demanded ÷ percentage trade in price.
Price elasticity of demand is the ratio of the proportion alternate in amount demanded of a product to the percentage change in price.
A good's price elasticity of call for is a measure of the way sensitive the quantity demanded is to its fee. when the rate rises, quantity demanded falls for almost any top, but it falls extra for some than for others.
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