Difference between revisions of "Price Elasticity of Demand"
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| − | Price Elasticity of Demand is the responsiveness of a good to changes in price. More specifically, it is the percentage change in quantity demanded divided by the percentage change in price: %∆Q/%∆P. | + | '''Price Elasticity of Demand''' is the responsiveness of a good to changes in price. More specifically, it is the percentage change in quantity demanded divided by the percentage change in price: %∆Q/%∆P. |
[[category:economics]] | [[category:economics]] | ||
Revision as of 23:37, November 20, 2007
Price Elasticity of Demand is the responsiveness of a good to changes in price. More specifically, it is the percentage change in quantity demanded divided by the percentage change in price: %∆Q/%∆P.