In economics, price elasticity is a measure of how reactive the marketplace is to a change in price for a given product.

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 ...

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 ...