What is elasticity of demand in economics



Demand Elasticity
Ineconomics, the demandelasticity (elasticityofdemand) refers to how sensitive the demand for a good is to changes in other economic variables, such as prices and consumer income. Demandelasticity is calculated as the percent change in the quantity demanded divided by a percent change.

What is elasticity of demand in economics
The elasticityofdemand is a measure used ineconomics to show theresponsiveness of the quantity demanded of a good or service. Thedegree of price elasticity, on the other ha…nd, is the variation indemand that is not uniform with a change in price.

What is elasticity of demand? definition... - BusinessDictionary.com
Definition of elasticityofdemand: The degree to which demand for a good or service varies with its price. Normally, sales increase with drop in prices and decrease with rise in prices.