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Price Elasticity of demand is a technical term used by economists. It explains the degree of responsivenessof the demand for a product to a change in its price. Elasticity tells us only the direction of change in price and quantity demanded. It does not specify how much more is purchased when price falls or how much less is bought when price rises.
Price Elasticity of demand is a technical term used by economists. It explains the degree of responsivenessof the demand for a product to a change in its price. Elasticity tells us only the …