BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This price mirrors the trend of the product life cycle elastically.
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When the price doesn’t obey Hooke’s law.
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When the price adapts to the requirements of employment (becomes elastic).
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Is a measure of the responsiveness of demand to a change in price
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Detailed explanation-1: -Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded-or supplied-divided by the percentage change in price.
Detailed explanation-2: -What is price elasticity of demand? Price elasticity of demand is the ratio of the percentage change in quantity demanded of a product to the percentage change in price. Economists employ it to understand how supply and demand change when a product’s price changes.
Detailed explanation-3: -Elasticity refers to the measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. Goods that are elastic see their demand respond rapidly to changes in factors like price or supply.
Detailed explanation-4: -Elasticity of demand measures the responsiveness of the quantity demanded of the goods to a change in the price of the goods. It is calculated by diving the proportionate change in quantity demand by proportionate change in price level.