Priceelastic
Priceelastic refers to the concept of price elasticity in economics, often used to describe how sensitive a good or service is to changes in its price. The most common form is price elasticity of demand, which measures how much the quantity demanded responds to price changes, though price elasticity of supply is also discussed. The term captures the degree of responsiveness in market behavior to price movements.
Price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage
Determinants of price elasticity include the availability of substitutes, the share of a consumer’s budget, whether
In addition to price elasticity of demand, price elasticity of supply measures how responsive producers are