Definitions for "Elasticity of Demand"
the responsiveness of the quantity of a good or service demanded to changes in market price.
Price elasticity of demand is a measure of the responsiveness of buyers to price changes. Income elasticity of demand reflects the extent to which demand is affected by changes in income levels. Cross-elasticities indicate the impact of a change in the price of good A on the demand for good B.
How a price change affects the demand for a product.