This posting calculates price elasticity of demand of apples. It is also examines whether it is Elastic, Inelastic, or Unitary Elastic.
Your answer offers clarity of the process. However, please revise sentence structure as indicated below:
Price elasticity of demand is a measure of the quantity demanded to changes in price; this rate is computed by dividing the percentage charges in quantity demanded by the percentage change in price ( O'Sullivan & Sheffrin, 2006, ...