Define price elasticity of demand with its degrees in detail. – InterviewSolution

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Define price elasticity of demand with its degrees in detail.

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In SIMPLE words, price ELASTICITY of demand is the ratio of percentage CHANGE in QUANTITY demanded to the percentage change in price. ... It is thus, rate at which the demand changes to the given change in prices. So, we can say that it is the rate or the degree of response in demand to the change in price.....

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