Definition Elasticity of Demand. Description.
Elasticity of Demand indicates the responsiveness of demand
to a change in a determinate. For instance, price, price of other goods and
income. It measures the responsiveness of the quantity demanded of a good
to its price.
You can calculate the (price) elasticity of demand by the
percentage change in quantity demanded that occurs in response to a percentage
change in price. For example: if in response to a 15% fall in the price of
a good, the quantity demanded increases by 30%, the price elasticity of demand
would be 30%/(− 15%) = −2.
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