Price elasticity of demand = % change in quantity % change in price
22.2 / -40 = -0.55
Perfectly Elastic Products
Relatively Elastic Products
Unit Elastic Products
Relatively Inelastic Products
Perfectly Inelastic Products
Is the Product a Necessity or a Luxury Good?
How Available are Close Substitutes?
How Much Does Your Product Actually Cost?
How Long Will This Price Change Last?
What are the 5 price elasticities of demand?
What is an example of elastic demand?
What is an example of inelastic demand?
Why is price elasticity of demand important?