Price elasticity of demand measures how responsive sales are to changes in the price of a related good. how responsive quantity demanded is to a change in price. how responsive sales are to a change in buyers' incomes. how responsive suppliers are to price changes.

how responsive quantity demanded is to a change in price

Explanation:

Price elasticity of demand measures how responsive quantity demanded is to a change in price.

It is measured as the percentage change in quantity demanded / percentage change in price

Demand is inelastic if price elasticity is less than 1. It means that a small change in price has not effect on quantity demanded.

Demand is elastic if price elasticity is greater than 1. It means that a small change in price has a greater effect on quantity demanded.

Demand is unitary if price elasticity is equal to 1. A small change in price has an equal impact on the quantity demanded.

Price elasticity of supply measures how responsive quantity supplied is to changes in price.

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