Price elasticity of demand is defined as the -ratio of the percentage change in

Question

Price elasticity of demand is defined as the -ratio of the percentage change in quaintly demand to the percentage change in price -sun if the percentage change in quantity demand and the percentger change in income -difference between he percentage change in price and the percentage change in quantity demand -different between the percentage change in quantity demand and the percentage change in price, multiplied by 100 -ratio of the percentage change in price to the percentage change in quantity demanded Price elasticity of demand is defined as the -ratio of the percentage change in quaintly demand to the percentage change in price -sun if the percentage change in quantity demand and the percentger change in income -difference between he percentage change in price and the percentage change in quantity demand -different between the percentage change in quantity demand and the percentage change in price, multiplied by 100 -ratio of the percentage change in price to the percentage change in quantity demanded -ratio of the percentage change in quaintly demand to the percentage change in price -sun if the percentage change in quantity demand and the percentger change in income -difference between he percentage change in price and the percentage change in quantity demand -different between the percentage change in quantity demand and the percentage change in price, multiplied by 100 -ratio of the percentage change in price to the percentage change in quantity demanded

Explanation / Answer

-ratio of the percentage change in quaintly demand to the percentage change in price

The elasticity of Demand measures the extent to which quantity demanded of a commodity increase or decrease in response to increase or decrease in any of its quantitative determinants. The elasticity of demand measures the responsiveness of the quantity demanded of a good, to change in its price, price of other goods and change in consumer's income.

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