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The price elasticity of demand measures the extent to which the quantity demanded changes when the price of a good changes.
What is price elasticity?
The price elasticity of demand of a good is a measure of how sensitive the amount demanded is to its price. When prices rise, the amount sought for practically any good reduces, but it falls more for some than for others. The price elasticity measures the percentage change in quantity required caused by a one percent increase in price while holding all other variables constant. If the elasticity is 2, a 1% price increase results in a 2% decrease in amount demanded. Other elasticities measure how the quantity needed changes in relation to other variables.
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