price elasticity of demand 1
noundomain: natural proc.
EnWordnet [ver.5.0]
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EnglishDefinition
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.
Examples
- 1.Various research methods are used to determine price elasticity of demand, including test markets, analysis of historical sales data and conjoint analysis.
Synonyms
- PED 1
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.
