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### What is Price Elasticity? Price Elasticity of Demand (PED) measures how sensitive the quantity demanded of a good is to a change in its price. It is defined as: $$ \text{Price Elasticity of Demand} = \frac{\%\ \text{change in quantity demanded}}{\%\ \text{change in price}} $$ --- ### Point Price Elasticity: Point Price Elasticity is used when changes in price and quantity are infinitesimally small. It is calculated using: $$ E_p = \frac{dQ}{dP} \times \frac{P}{Q} $$ Since we are given discrete points and not infinitesimal changes, we approximate point elasticity using arc elasticity between ____ ______ _________ _____ _________ __________ _________ _________ _________.
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