The price elasticity of demand measures the responsiveness of
A: quantity demanded to a change in quantity supplied.
B: quantity demanded to a change in price.
Ans (B)
The Price Elasticity of demand measures the ratio of percentage change in quantity demanded to a percentage change in price.
Mathematically,
Price Elasticity of demand:
= (%change in Quantity demanded)/(%Change in Price)
The price elasticity of demand measures the responsiveness of A: quantity demanded to a change in...
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The coefficient of demand of elasticity, E A. is the percentage change in the price of the good divided by the percentage change in the quantity demanded B. measures the responsiveness of quantity demanded to changes in the price of the good C. describes how total cost changes when the price buys an additional plant in some other city
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