Can you explain the point of price elasticity?© BrainMass Inc. brainmass.com May 20, 2020, 10:29 pm ad1c9bdddf
The point of price elasticity is to allow economists to determine how a change in price affects customer demand. This is performed by a mathematical calculation, and the answer to the calculation tells us how the price change has specifically affected demand. I can't copy the equation into this box, but you can see it here: ...
This solution explains the point of price elasticity. A detailed explanation is provided.