Asked by Romilee Benavides on Jul 24, 2024
Verified
Price elasticity of demand is calculated as the change in price divided by the change in quantity demanded.
Price Elasticity
An indicator of how the amount of a product that is bought or provided reacts to variations in its cost.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price in a particular period.
- Comprehend the principle of demand's price elasticity.
Verified Answer
DG
Dennis GithaigaJul 27, 2024
Final Answer :
False
Explanation :
Price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price.
Learning Objectives
- Comprehend the principle of demand's price elasticity.