Price elasticity of demand is the measure of responsiveness of the demand in relation to the change in the price of the goods, i.e. if the price of the goods in the market changed by a certain percentage then how much the demand of that goods will change.
If the change in the demand is more than the change in the price of the goods then it will be considered as elastic, if the change in the demand and price are equal then unit elastic and if demand didn;t changed much in relation to the price then its inelastic demand.
determinants of the elasticity are the nature of the goods like necessity are more inelastic as compared to luxury goods, substitutes of the goods available i.e. more substitutes available more elastic that good will be.
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