WAEC - Economics (2015 - No. 11)
if a given change in price brings a proportionately larger change in quantity demanded, the
demand is relatively price elastic
demand is relatively price inelastic
price elasticity of demand is unitary
price elasticity of demand is constant
Explanation
Price elasticity is a measure of the responsiveness of demand or supply of a good or service to changes in price. The price elasticity of demand measures the ratio of the proportionate change in quantity demanded to the proportionate change of theprice .
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