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Price Elasticity of Demand |
Also found in: Wikipedia, Hutchinson | 0.17 sec. |
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Price Elasticity of Demand A measure of the responsiveness of the quantity demanded of a good to a change in its price. It is calculated as:  Notes: If a small change in price is accompanied by a large change in quantity demanded, the product is said to be elastic (or responsive to price changes). The opposite also applies, a product is inelastic if a large change in price is accompanied by a small amount of change in demand.See also: Economics, Pricing Power How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Price elastic
