If customers buy a quantity of seven products per week, regardless of the price, the numeric value of the price elasticity of demand for the product is zero.
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What is the price elasticity of demand?</h3>
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
When a person purchases the same quantity of a good regardless of the price, it means that demand is perfectly inelastic. Perfectly inelastic demand means that the same quantity of a good is bought regardless of the price. Essential goods usually have a perfectly inelastic demand.
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