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RE: Economic Concepts #9 – Price elasticity of demand
I love the way you elaborate your definition. Nice one sir.
Price elasticity of demand is the sensitivity of demand to a change in price. If demand is elastic, quantity demand is more sensitive to changes in price. For example, if price changes by 1%, quantity demanded the good or service changes by more than 1%. If demand is inelastic, quantity demanded is less sensitive to changes in price. For example, if price changes by 1%, quantity demanded the good or service changes by less than 1%. Elastic and inelastic demand is demonstrated in the graph below.
Hey no problem. I am glad you liked my definition.
Guy u did a very good job here after i screen shot dis post i read it for my test it was wow.class i ve been attending dat i dont understand i just went throught this and it was lyk economics made easy for me i hope for the best result