Price Elasticity of Demand

Price Elasticity of Demand Relates to the sensitivity of customers to price changes in terms of the quantities they will buy.

Price elasticity of demand: the responsiveness of demand to changes in prices.

Price elasticity of demand
Price elasticity of demand measures the responsiveness of a change in demand for a product following a change in its own price
Price sensitivity ...

Cross-Elasticity: The cross elasticity of demand or cross price elasticity of demand measures the change in the number of units of one product demanded in response to a price change of a second product.

See also: Free, Pricing, Price Elasticity, Elasticity of Demand, Customer