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Meaning of price elasticity of demand

 

 

 

Price elasticity of demand

 

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Business glossary

 

Meaning of term price elasticity of demand :

 

The price elasticity of demand is a measure of the responsiveness of demand to a change in price. It is calculated by taking the percentage change in demand and dividing by the percentage change in price. If a good is elastic (a value for the elasticity of over 1), then this means that it is responsive to a change in price, while an inelastic good (a value of less than 1) is unresponsive to changes in demand.

 

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Price elasticity of demand

 

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