Define price elasticity of demand write it's formula ? – InterviewSolution

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1.	Define price elasticity of demand write it's formula ?
Answer» Price ELASTICITY of demand may be defined as the degree of RESPONSIVENESS of change in demand due to change in the price of COMMODITY in other words it may be defined as the percentage change in demand divided by the percentage change in commodity NUMERICALLY edp=(-1)%change in quantities demanded divided by % change in price of the commodity

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