Category: Micro Economics

Price Elasticity of Demand

Price Elasticity of Demand

Price Elasticity of Demand (PED) is a measure of the responsiveness of quantity demanded to changes in the price of a good or service. It is calculated as the percentage...

Concept of Elasticity of Demand

Concept of Elasticity of Demand

Concept of Elasticity of Demand Elasticity of Demand is a measure of the responsiveness of quantity demanded to changes in price. It is an important concept in economics as it...