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Question:

Explain price elasticity of demand.

Answer:

Price elasticity of demand is the measure of the degree of responsiveness of the demand for a good to the changes in its price. It is defined as the percentage change in the demand for a good divided by the percentage change in its price.

e d=
e d =
Where,
∆Q =Q2 - Q1, change in demand
∆P =P2 – P1 , change in price
P = initial price
Q = initial quantity


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