Price elasticity of demand

 

 

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Price elasticity of demand

 

Glossary of business

 

Definition of price elasticity of demand

 

The price elasticity of demand is a measure of the responsiveness of demand to a change in price. It is calculated by taking the percentage change in demand and dividing by the percentage change in price. If a good is elastic (a value for the elasticity of over 1), then this means that it is responsive to a change in price, while an inelastic good (a value of less than 1) is unresponsive to changes in demand.

 

Source : http://business-tes.wikispaces.com/file/view/Glossary.doc

link: http://business-tes.wikispaces.com/

Author : not indicated on the source document of the above text

 

Terminology about business

 

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Definition and meaning of price elasticity of demand

 

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