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Price elasticity of demand (PED) measures the responsiveness of the quantity demanded of a good or service to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. If demand changes significantly with a small change in price, it is considered elastic; if demand changes little with a large change in price, it is inelastic. Mathematically, PED = (% change in quantity demanded) / (% change in price). A PED greater than one indicates elastic demand, less than one ________ _________ _______ __________ ___ _____ ____ ________ ___ ___ ___.
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