Price Elasticity

By Abdulla Israr & Simran Rani

PRICE ELASTICITY

Description also available in video format (attached below), for better experience use your desktop.


Introduction

·       Price Elasticity is the percentage change in the quantity demanded due to certain percentage change in price

·       The mathematical expression o of price elasticity can be

o   Price Elasticity = % change in the quantity demanded / % change in price  

o   Symbolically, it can be expressed as

·       The best example can be

o   Suppose that the price of a commodity falls down from Rs 10 to Rs 9 per unit

o   & due to this the quantity demanded of the commodity increased from 100 units to 120 units

o   Hence the Price Elasticity will be


Types of Price Elasticity

·       Perfectly Elastic (quantity demanded increases infinitely with a small fall in price)



·       Perfectly Inelastic (demand remains constant whatever may be the price)



·       Relatively Elastic (percentage change in demand is greater than the percentage change in price)



·       Relatively Inelastic (percentage change in quantity demanded is less than the percentage change in price)



·       Unitary Elastic (percentage change in quantity demanded is equal to the percentage change in price)



 

Video Description

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