Price elasticity of demand is a measure of the responsiveness of the change in quantity demanded to a change in price.

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Price elasticity of demand measures how much the quantity demanded changes when the price changes. It is expressed as a percentage change in quantity demanded divided by a percentage change in price. A higher price elasticity of demand means that the quantity demanded is more responsive to changes in price, while a lower elasticity means that the quantity demanded is less responsive.

Price Elasticity of Demand Is a Measure of the Responsiveness