Price elasticity of demand
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Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to increase in its price when nothing but the price changes. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price.
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See also
- Arc elasticity
- Cross elasticity of demand
- Income elasticity of demand
- Price elasticity of supply
- Supply and demand
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