Explanation Given information: The statement “Elasticity is a measure of the effect on demand of a change in price”. Elasticity of Demand: The Elasticity of Demand is a measure of change in the quantity demanded in response to the change in the price of the commodity. Simply, the effect of a change of price on the quantity demanded is called as the elasticity of demand. Let Δ p denotes the change in the price p of a product and Δ q denote the corresponding change in quantity q demanded. The percent change in price is Δ p p and the percent change in quantity demanded is Δ q q . We assume in this book that Δ p and Δ q have opposite signs (because increasing the price usually decreases the quantity demanded). Then the effect of a price change on demand is measured by the absolute value of the ratio. | P e r c e n t c h a n g e i n d e m a n d P e r c e n t c h a n g e i n p r i c e | = | Δ q / q Δ p / p | = | Δ q q | ⋅ | p Δ p | </

6th Edition

ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Differential Equations

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Chapter 4, Problem 54SYU

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To indicate: Whether the statement is true or false.

Solution Summary: The author explains that the elasticity of demand is a measure of change in the quantity demanded in response to price changes.