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26 November, 08:17

Price elasticity of demand refers to the ratio of the:

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  1. 26 November, 10:46
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    The ratio of the percentage change in the quantity demanded of a good to a percentage change in its price refers to the price elasticity of demand.

    To add, price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris paribus.
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