Answer:
The concept of price elasticity of demand has been defined by different economies as under:
“Elasticity of demand may be defined as the percentage change in quantity demanded to the percentage change in-price.”
ADVERTISEMENTS:
“Elasticity of demand is the ratio of relative change in quantity to relative change in Price.”
“ The elasticity of demand for a commodity is the rate at which quantity bought change the price change.”
“The elasticity of demand is a measure of the relative change in quantity to a relative change in price”.
“Elasticity of demand measures the responsiveness of demand to changes in price”.
Explanation:
