What Is Price Elasticity of Demand?

The price elasticity of demand is a measurement of how a product’s consumption changes in response to price changes. In mathematic terms, it’s as follows:
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
Price elasticity is a term used by economists to describe how supply and demand for a product vary as its price varies.
Some items’ pricing is highly inelastic, according to economists. That is, a price reduction does not significantly boost demand, and a price rise does not significantly decrease demand.
Gasoline, for example, has a low price elasticity of demand. Airlines, the transportation sector, and almost every other buyer will continue to buy as much as they need to.
Other commodities are considerably more elastic, thus price changes generate significant changes in demand or supply for these goods.

Price Elasticity of Demand can be defined as % change in quantity demanded divided by % change in the price of own commodity.

Price elasticity of Demand=% change in quantity Demanded/% change in the price of own commodity.

It is different from slope of demand curve

Slope of demand curve shows change in demand in response to change in price of own commodity.

Law of demand states that there is negative relationship shows quantity demanded and price of own commodity

But it does not specify as to how much extent demand changes in response to change in price of own commodity.