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-0.6 the own price elasticity.
What is price elasticity?
Elasticity in economics is defined as the percentage change in one economic variable in reaction to a percentage change in another. If the price elasticity of demand for a good is -2, a 10% rise in price generates a 20% decrease in quantity sought.
The price elasticity of demand is the ratio of the percentage change in quantity demanded to the percentage change in price for a product. Economists use it to understand how supply and demand fluctuate as the price of a product varies.
Price Elasticity is measured. The elasticity of demand refers to the responsiveness of demand to changes in demand drivers. Price elasticity of demand, income elasticity of demand, and cross elasticity of demand are the three types of demand elasticity.
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