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Gnesinka [82]
3 years ago
15

Define price elasticity of demand. Explain the difference between elastic demand and inelastic demand.

History
2 answers:
Stolb23 [73]3 years ago
7 0

Answer: Price elasticity of demand is a measure of the responsiveness of consumers to a change in a product's cost. ... So, if the price elasticity of demand is being measured, the formula would be the percentage of change in the quantity in demand divided by the percentage change in price.

Explanation: i wrote out this responce on the test and got it right...feel free to use it

mihalych1998 [28]3 years ago
5 0

Answer:

One fluctuates in demand the other does not!

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