Term
| Price Elasticity of Demand |
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Definition
| Ed= % change in Quantity Demanded divided by % change in price.x 100 |
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Term
| True or False, Price Elasticity is always Negative |
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Definition
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Term
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Definition
| Price Elasticity is >1.. a 1% change in price causes a response greater than 1. |
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Term
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Definition
| a 1% change in price cases a response of less thand 1% change in quantity demand. <1 |
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Term
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Definition
| When the quantity demanded response to change in price equals 1. A 1% change in price causes a 1% change in quantitiy demanded |
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