price elasticity of demand refers to
To compute price elasticity, it is defined as the percentage change in quantity demanded divided by the percentage change in price. Price elasticity of demand sometimes referred to as demand elasticity, measures the responsiveness of the quantity demanded of a good to a change in price. We used the concept of price elasticity of demand to determine the change in demand as a result of the change in price. To compute price elasticity, it is defined as the percentage change in quantity demanded divided by the percentage change in price.