i) Price Elasticity of Demand Price elasticity is a measure used to capture the sensitivity of consumer demand for a good or service in response to changes in the price of that particular good or service. The price elasticity is defined as:
i) Price Elasticity of DemandPrice elasticity is a measure used to capture the sensitivity of consumer demand for a good or service in response to changes in the price of that particular good or service. The price elasticity is defined as: