Define the elasticity of demand. What has happened to the demand elasticity for most firms during the last 10-15 years? Explain.© BrainMass Inc. brainmass.com October 9, 2019, 5:21 pm ad1c9bdddf
In economics, the price elasticity of demand (PED) is an elasticity that measures the responsiveness of the quantity demanded of a good to its price. The formula used to calculate the coefficient of price elasticity of demand is:
E = % change in quantity demanded of product X / % change in price of product X
Price elasticity of demand is measured as the percentage change in quantity demanded that ...
The expert defines the elasticity of demand.