Price Elasticity of Demand
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Last updated 8:30 PM on 12/2/25
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4 Terms
1
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What is the definition of price elasticity of demand?
The sensitivity of demand to changes in price
2
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What is meant by ‘price elastic demand’?
Demand is very sensitive to price - the % change in demand will be bigger than the % change in price
3
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What is meant by ‘perfectly price elastic demand’?
If we increase price by even 1%, we lose all demand
4
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Draw a price inelastic demand curve
Note 
Flashcards (94)