price of a commodity falls from …
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Sia ? 6 years, 1 month ago
Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change.
(Rs.)
Demanded
(units)
= -25 per cent
= 100 percent
Price elasticity of demand (Ed)
{tex}=\frac{(-) \% \text { Change in quantity demanded }}{\% \text { Change in price }}{/tex},
{tex}=(-) \frac{100}{-25}=4{/tex},
Elasticity of demand is greater than unity.
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