interpretating elasticity of demand

Question 1

price elasticity of demand calculation

Answer 1

percenatge change in quanitity demanded divided by percenatge change in price

Question 2

what is price elasticity of dmeand

Answer 2

how much the price change affects the demand

Question 3

what does it mean if the price of elasticity of demand is greater than 1

Answer 3

produce is price elastic

Question 4

what does it mean if the PED is below 1

Answer 4

product is price inelastic

Question 5

what factors depend on changes in demand

Answer 5

necessitys-milk is prince inelastic, as changing the price does affect the demand much