Question : The elasticity of demand for price is:
Option 1: Elasticity = Percentage change in demand/Percentage change in time
Option 2: Elasticity = Percentage change in price/Percentage change in demand
Option 3: Elasticity = Percentage change in demand/Percentage change in supply
Option 4: Elasticity = Percentage change in supply/Percentage change in price
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Correct Answer: Elasticity = Percentage change in price / Percentage change in demand
Solution : The correct answer is Elasticity = Percentage change in price/Percentage change in demand .
Price elasticity of demand measures how responsive customer demand is to changes in the product's pricing. It is calculated using the formula: Elasticity = Percentage change in price/Percentage change in demand. Other elasticities measure how the quantity demanded changes with other variables such as consumer income.
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