1.2 Flashcards
1
Q
What is elasticity of demand
A
Responsiveness of a change in price to level of demand
ALWAYS NEGATIVE
2
Q
Ped
A
%change in demanded / %change price
x100
3
Q
A
What is elasticity of demand
Responsiveness of a change in price to level of demand
ALWAYS NEGATIVE
Ped
%change in demanded / %change price
x100