Price elasticity of demand - Wikipedia.
Elasticity is an economic concept based on change. It measures how consumers and producers respond to changes in variables that affect demand and supply. Elasticity is an important because it allows us to analyse what happens to demand and supply in markets when change takes place and to evaluate the consequences of change. For example, when the price of electricity rises we can use elasticity.
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Price elasticity of demand (E p d), or elasticity, is the degree to which the effective desire for something changes as its price changes.In general, people desire things less as those things become more expensive. However, for some products, the customer's desire could drop sharply even with a little price increase, and for other products, it could stay almost the same even with a big price.
Price elasticity of demand: measures the responsiveness of quantity demanded to a change in price, along a given demand curve. Mathematically the value is negative, but we treat it as positive. Price elastic demand (less than infinity).
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