Respuesta :
The degree to which consumer behavior is influenced by price changes is known as price elasticity of demand. The degree to which demand for a good is responsive to changes in price is known as price elasticity of demand.
What is price elasticity:
The quantity required in response to a change in a commodity's price is known as price elasticity of demand. The consumer's income, preferences, and pricing for all other commodities are regarded as constant. You can calculate it by dividing the percent change in quantity sought by the percent change in price.
Let's start by taking a look at how the term "elasticity of demand" is defined: Elasticity of demand is the ability of the quantity needed of a good to adapt to changes in one of the factors that determine demand. Alternatively stated, it is the ratio of the percentage change in the quantity demanded to the percentage change in one of the demand-affecting factors.
Price elasticity is a term used by economists to describe how variations in price affect a product's supply and demand. Supply price elasticity is comparable to Price elasticity of supply is the term used to describe the relationship between price change and supply change. It is determined by subtracting the percentage change in price from the percentage change in quantity offered.
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