Definitions of Price Elasticity of Demand
Posted by Ripon Abu Hasnat on Monday, November 17, 2014 | 0 comments
The concept of price elasticity of demand has been defined by different economists as under :
According to Alfred Marshall: "Elasticity of demand may be defined as the percentage change in quantity demanded to the percentage change in price."
According to A.K. Cairncross : "The elasticity of demand for a commodity is the rate at which quantity bought changes as the price changes."
According to J.M. Keynes : "The elasticity of demand is a measure of the relative change in quantity to a relative change in price."
Lastly we can say that price elasticity of demand measures the responsiveness of demand to changes in price."
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