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The total expenditure method is a practical approach to measure the price elasticity of demand, which examines how the quantity demanded of a good responds to changes in its price. This method is based on observing the changes in total expenditure, or total revenue, as the price of a good changes. Total expenditure (TE) is calculated by multiplying the price of a product (P) by the quantity demanded (Q), that is, TE = P × Q. The principle behind this method is that the relationship between price changes and total __________ ______ _________ _________ __________ _____ ________ __________ ___ __________ ___ ________.
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