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The concept of price elasticity of demand has been defined by different economies as under:

“Elasticity of demand may be defined as the percentage change in quantity demanded to the percentage change in-price.”

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“Elasticity of demand is the ratio of relative change in quantity to relative change in Price.”

“ The elasticity of demand for a commodity is the rate at which quantity bought change the price change.”

“The elasticity of demand is a measure of the relative change in quantity to a relative change in price”.

“Elasticity of demand measures the responsiveness of demand to changes in price”.

Explanation:

c.

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hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"