question archive The price elasticity of demand is defined as the: a
The price elasticity of demand is defined as the: a
Subject:EconomicsPrice:2.88 Bought3
The price elasticity of demand is defined as the:
a.) percentage change in quantity demanded divided by the change in price
b.) percentage change in price divided by the change in quantity demanded
c.) percentage change in price divided by the percentage change in quantity demanded
d.) percentage change in quantity demanded divided by the percentage change in price
e.) change in quantity demanded divided by the percentage change in price
f.) change in price divided by the percentage change in quantity demanded
g.) change in quantity demanded divided by the change in price
h.) change in price divided by the change in quantity demanded
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The correct option is (d).
The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price.
Price elasticity is the measure which is used in economics. It measures the responsiveness of quantity demanded of a commodity when its price changes.
