Elasticity of Demand

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Description of Elasticity of Demand. Explanation.

 

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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