Definitions for "Price Elasticity of Demand"
The sensitivity of quantity sold to a percentage change in price; -%changeQ/%changeP.
A measure of the sensitivity of demand for a commodity to a change in its price. It equals the percentage change in consumption of the commodity that results from a one-percent change in its price. The greater the elasticity, the more price-sensitive the demand for the commodity.
Effect of price change on consumer demand. Measured by dividing percent change in demand by percent change in price.