Question : Demand price elasticity denotes:
Option 1: Change in demand
Option 2: Change in demand due to change in price
Option 3: Change in Price
Option 4: Change in real income
Answer (1)
14th Jan, 2024
Correct Answer: Change in Price
Solution :
Price elasticity of demand is a measurement of how a product's consumption changes in response to a change in its price.
Price Elasticity of Demand = Percentage Change in Quantity Demanded / Percentage Change in Price.
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