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  Price Elasticity of Demand

Price Elasticity of Demand

Price elasticity of the Demand measures the extent of the responsiveness of quantity required to the change in cost.

The formula for measuring the price elasticity is as follows: -

1965_Price Elasticity1].png

Types of Elasticity are as follows

a) Perfectly Inelastic Demand (ED = 0)

The quantity demanded remains the unchanged regardless of the changes in cost levels.

1520_Price Elasticity2.png

b) Perfectly Elastic Demand 2458_Price Elasticity7.png

An endless amount could be bought at the particular price.

41_Price Elasticity3.png

c) Elastic Demand 1808_Price Elasticity8.png

Demand is elastic when the change in price leads to the more than proportionate change in the quantity demanded.

1015_Price Elasticity4.png

d) Inelastic Demand  1900_Price Elasticity9.png

Demand is inelastic when the change in price leads to a less than proportionate alteration in quantity demanded.

101_Price Elasticity5.png

e) Unitary Elastic Demand  (ED = 1)

Demand is unitary elastic when the change in cost leads to a proportionate change in the quantity demanded.

2186_Price Elasticity6.png

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