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Answer to Question #221482 in Economics for Gugu Shezi
Question #221482
What does the price elasticity demand measure
Expert's answer
The price elasticity of demand (PED) is a measure that captures the responsiveness of a good's quantity demanded to a change in its price. More specifically, it is the percentage change in quantity demanded in response to a one percent change in price when all other determinants of demand are held constant.
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