The challenge is wrapping your head around the difference between elasticity and inelasticity of demand. Elasticity of demand measures how much the demand for a product or service changes relative to ...

Demand elasticity is a phenomenon where demand for a specific good or service changes depending on factors such as how it is priced, whether alternatives are available or local income trends.

Answer: Price elasticity in marketing is calculated as the absolute value of the ratio of the percentage quantity change and the associated percentage price change. So, to calculate the price ...