Price Elasticity of Demand
Based on the general formula, the (own) prince elasticity of demand for a product is defined as:
where a Product has a download sloping demand curve (the usual case), the value of the price elasticity of demand will always be negative – since when price raise demand falls and when price falls demand rise. Conventionally, however, the negative sign is omitted when the value of elasticity is stated and we follow this conversion in the following discussion.
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