ICSE Class X Economics 2019 Solved Papers

© examsnet.com
Question : 8
Total: 40
Define price elasticity of demand.
Solution:  
Price elasticity of demand refers to the degree of responsiveness of change in quantity demanded due to the change in its price. In certain cases, the change in demand may be at higher rates, in some cases, it may be lower and sometimes there may not be any change.
Ep=
% change in quantity demand
% change in the price
© examsnet.com
Go to Question: