Elasticity of Demand
a measure of the degree to which any change in the price of a product will affect the demand for it. See Inelasticity of Demand. | ||||
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Elasticity of Demand definition was found in categories: Social Science(1) Encyclopedia(1)
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Elasticity of Demand
The percentage change in the quantity demanded divided by the percentage change in price.
The percentage change in the quantity demanded divided by the percentage change in price.
Elasticity of Demand Definition from Encyclopedia Dictionaries & Glossaries
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Price elasticity of demand
In economics and business studies, the price elasticity of demand (PED) is an elasticity that measures the nature and degree of the relationship between changes in quantity demanded of a good and changes in its price.
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