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Price Elasticity

Posted by Anonymous on 11/13/2008 at 10:58 AM ET 250 Points
What is price elesticity
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  • Posted on 11/13/2008 at 3:21 PM Accepted
    A very boring subject in economics. :)

    This is a link to a web site that explains the theory in plain English: https://www.investopedia.com/university/economics/economics4.asp
  • Posted on 11/13/2008 at 7:06 PM Accepted
    Price elasticity is the degree to which a product's sales are sensitive to changes in price. If sales increase by 50% when the price goes down by 5%, it's very elastic. If you can change the price by 10% and hardly see a change in volume, then it's not very elastic.
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