MARKERTING (LOOSE-LEAF)
MARKERTING (LOOSE-LEAF)
14th Edition
ISBN: 9781264117109
Author: Kerin
Publisher: MCG
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Chapter 13.4, Problem 13.8LR
Summary Introduction

To differentiate: The elastic demand and inelastic demand.

Introduction:

Price elasticity of demand is the measure of units of quantity sold to change in price of a product, which can be calculated in terms of percentage change in quantity demanded divided by the percentage change in price.

Formula to calculate price elasticity of demand:

Price elasticity of demand=% Change in quantity demanded% Change in price

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