Explain what is meant by Price Elasticity of Demand?

Answer 1

there are broadly classified into five types

1. Perfect price elasticity of demand

2. Perfect price in-elasticity of demand

3. Relative price elasticity of demand

4. Relative price in-elasticity of demand

5. Unity price elasticity of demand

Answer 2

The elasticity of demand is a measure used in economics to show the responsiveness of the quantity demanded of a good or service. The degree of price elasticity, on the other hand, is the variation in demand that is not uniform with a change in price.

Answer 3

Price elasticity of demand means how much the demand of an item changes in relationship to its price. Most items which are considered necessity items either have low price elasticity or none at all.

Answer 4

Elasticity of Demand is a measure used in economics to show the responsiveness, of the quantity demanded of a good or service to a change in its price.

An example would be if the store lowers the price of an item, and they sell more of the product.

Answer 5

Price elasticity of demand measures how much the quantity demanded responds to a change in the price of that product, computed as the percentage in quantity demanded divided by the percentage change in price. If the quantity demanded changes substantially from a price, it can be said that demand is elastic.

If the quantity demanded changes are slight from a change in price, demand is said to be inelastic.

Answer 6

1. perfectly elastic demand 2. perfectly inelastic demand 3.relative elastic demand 4. relatively inelastic demand 5.unitary elastic demand

Answer 7

a measure of the responsiveness of quantity demanded to a change in price.

Answer 8

1) Perfectly elastic (x=infinite).

2) Elastic (1<x<infinite)

3) Unit elastic (x=1).

4) Inelastic (0<x<1).

5) Infinitely inelastic (x=0).

Answer 9

what are the types of elasticit in demand?

Answer 10

Unitary elasticity of demand