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The response of consumer towards the changes in the price of a good or service is measured by the price elasticity of demand.
E = Price Elasticity of Demand
Smaller the value of E, lesser the sensitivity on the part of consumer to a change in price. The change in price results in movements along a given demand curve. It assumes that all other factors which affect the quantity demanded remain constant.
Demand is considered to be elastic when % change in quantity demanded > % change in price of the given commodity.
Demand is Inelastic when the % change in quantity is < % change in price. Demand is unitary elastic when the % change quality is = % change in price.
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