{"id":2140,"date":"2019-07-31T12:06:35","date_gmt":"2019-07-31T12:06:35","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2140"},"modified":"2019-07-31T12:06:35","modified_gmt":"2019-07-31T12:06:35","slug":"price-elasticity-of-demand","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/price-elasticity-of-demand\/","title":{"rendered":"PRICE ELASTICITY OF DEMAND"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/#MEANING\" title=\"MEANING\">MEANING<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/#DEGREES_OF_PRICE_ELASTICITY_OF_DEMAND\" title=\"DEGREES OF PRICE ELASTICITY OF DEMAND\">DEGREES OF PRICE ELASTICITY OF DEMAND<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/#PERFECTLY_ELASTIC_DEMAND\" title=\"PERFECTLY ELASTIC DEMAND\">PERFECTLY ELASTIC DEMAND<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/#MORE_ELASTIC_DEMAND\" title=\"MORE ELASTIC DEMAND\">MORE ELASTIC DEMAND<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/#UNITARY_ELASTIC_DEMAND\" title=\"UNITARY ELASTIC DEMAND\">UNITARY ELASTIC DEMAND<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/#LESS_ELASTIC_DEMAND\" title=\"LESS ELASTIC DEMAND\">LESS ELASTIC DEMAND<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/#PERFECTLY_INELASTIC_DEMAND\" title=\"PERFECTLY INELASTIC DEMAND\">PERFECTLY INELASTIC DEMAND<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"meaning\"><span class=\"ez-toc-section\" id=\"MEANING\"><\/span>MEANING<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"has-medium-font-size\">Price <a href=\"https:\/\/commerceiets.com\/elasticity-of-demand\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Elasticity of demand (opens in a new tab)\">Elasticity of demand<\/a> is the rate at which quantity purchased changes with the change in price. It is the ratio of percentage change in quantity demanded to percentage change in the price of the commodity, other factors remaining the same.<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>E<\/strong><sub><strong>d<\/strong><\/sub><strong>= (-) Percentage change in quantity demanded\/ Percentage change in price<\/strong><\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>ACCORDING TO BOULDING<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cPrice elasticity of demand measures the responsiveness of\nthe quantity demanded of a good to the change in its price.\u201d<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>ACCORDING TO MARSHALL <\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cPrice elasticity of demand is ratio of the percentage\nchange in quantity demanded to the percentage change in its price.\u201d<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>ACCORDING TO ANATOL MURAD<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cElasticity of Demand is the ratio of relative change in\nquantity to relative change in price.\u201d<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>ACCORDING TO SAMUELSON<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cThe concept expresses the degree of responsiveness of\nquantity demanded to change in its price.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Thus, the measure of the magnitude of change in demand due\nto a given change in price is known as Price Elasticity of Demand.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"degrees-of-price-elasticity-of-demand\"><span class=\"ez-toc-section\" id=\"DEGREES_OF_PRICE_ELASTICITY_OF_DEMAND\"><\/span>DEGREES OF PRICE ELASTICITY OF DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-medium-font-size\">The various degrees of Price Elasticity of Demand are as\nfollows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"perfectly-elastic-demand\"><span class=\"ez-toc-section\" id=\"PERFECTLY_ELASTIC_DEMAND\"><\/span>PERFECTLY ELASTIC DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Perfectly Elastic Demand is one in which a small change in\nprice will cause an infinitely large change in amount demanded. A small rise in\nthe price of the commodity reduces the demand to zero.<\/p>\n\n\n\n<p class=\"has-text-align-center has-very-light-gray-background-color has-background has-medium-font-size\"><strong>E<\/strong><sub><strong>d<\/strong><\/sub><strong>= \u221e<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/PerfectlyElasticDemandCurve.jpg\" alt=\"\" class=\"wp-image-2141\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/PerfectlyElasticDemandCurve.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/PerfectlyElasticDemandCurve-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/PerfectlyElasticDemandCurve-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption>Price. Quantity. Perfectly elastic demand curve.<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">In this case the shape of demand curve is parallel to\nhorizontal axis.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"more-elastic-demand\"><span class=\"ez-toc-section\" id=\"MORE_ELASTIC_DEMAND\"><\/span>MORE ELASTIC DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">When the change in demand is more than the change in price,\ndemand is said to be More Elastic Demand. Such demand is also known as \u2018Greater\nthan unitary Price Elasticity of Demand.\u2019 &nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center has-very-light-gray-background-color has-background has-medium-font-size\"><strong>E<\/strong><sub><strong>d<\/strong><\/sub><strong>&gt; 1<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"203\" height=\"217\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/more-than.jpg\" alt=\"\" class=\"wp-image-2145\"\/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">In this case the demand curve is flatter and gradually\nsloping.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"unitary-elastic-demand\"><span class=\"ez-toc-section\" id=\"UNITARY_ELASTIC_DEMAND\"><\/span>UNITARY ELASTIC DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">When the change in demand is equal to the change in price,\ndemand is said to unitary elastic demand. <\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>ACCORDING TO MARSHALL<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cA commodity has elasticity equal to one if the total\nexpenditure of the consumers on the commodity remains the same even when price\nchanges.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-center has-very-light-gray-background-color has-background has-medium-font-size\"><strong>E<\/strong><sub><strong>d<\/strong><\/sub><strong>= 1<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"336\" height=\"301\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/unitary-elasticity.jpg\" alt=\"\" class=\"wp-image-2146\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/unitary-elasticity.jpg 336w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/unitary-elasticity-300x269.jpg 300w\" sizes=\"(max-width: 336px) 100vw, 336px\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">In this case, the demand curve is rectangular hyperbola.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"less-elastic-demand\"><span class=\"ez-toc-section\" id=\"LESS_ELASTIC_DEMAND\"><\/span>LESS ELASTIC DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">When the change in demand is less than the change in the\nprice, demand is said to Less Elastic Demand. Such demand is known as \u2018Less\nthan Unity Price Elasticity of Demand.\u2019<\/p>\n\n\n\n<p class=\"has-text-align-center has-very-light-gray-background-color has-background has-medium-font-size\"><strong>E<\/strong><sub><strong>d<\/strong><\/sub><strong> &lt;1 <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"263\" height=\"300\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/less-elastic.jpg\" alt=\"\" class=\"wp-image-2147\"\/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">In this case, the demand curve is steep and rapidly sloping.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"perfectly-inelastic-demand\"><span class=\"ez-toc-section\" id=\"PERFECTLY_INELASTIC_DEMAND\"><\/span>PERFECTLY INELASTIC DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">When there is no change in the demand i.e. the demand\nremains fixed at a specific level even though there is any change in price,\ndemand is said to be Perfectly Inelastic Demand. In such a situation, rise or\nfall in price do not affect demand in any way.<\/p>\n\n\n\n<p class=\"has-text-align-center has-very-light-gray-background-color has-background has-medium-font-size\"><strong>E<\/strong><sub><strong>d<\/strong><\/sub><strong>=0<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"594\" height=\"411\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/6194015_orig.jpg\" alt=\"\" class=\"wp-image-2148\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/6194015_orig.jpg 594w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/6194015_orig-300x208.jpg 300w\" sizes=\"(max-width: 594px) 100vw, 594px\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">In this case, the demand curve is parallel to Y-axis.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/demand\/\">Theory of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-demand\/\">Law of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/demand-function\/\">Demand Function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/exceptions-of-law-of-demand\/\">Exceptions of law of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/elasticity-of-demand\/\">Elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/change-in-demand\/\">Change in demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/\">Price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-law-of-demand-and-elasticity-of-demand\/\">Law of demand Vs Elasticity of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/factors-affecting-price-elasticity-of-demand\/\">Factors affecting price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/production-function\/\">Production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-short-run-long-run-production-function\/\">Short run vs long run production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/\">Law of variable proportions<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/types-of-demand\/\">Types of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/managerial-economics\/\">Managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/characteristics-of-managerial-economics\/\">Characteristics of managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-managerial-economics\/\">Scope of managerial economics<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/utility-analysis\/\">Utility analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-marginal-utility\/\">Law of diminishing marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-equi-marginal-utility\/\">Law of equi marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium\/\">Consumers Equilibrium<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/indifference-curve-analysis\/\">Indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium-using-indifference-curve-analysis\/\">Consumer equilibrium using indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-tp-ap-and-mp\/\">Relationship between TP, AP and MP<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-increasing-returns\/\">Law of increasing returns<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-returns\/\">Law of diminishing returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-constant-returns\/\">Law of constant returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/returns-to-scale\/\">Returns to Scale<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/economies-and-diseconomies-of-scale\/\">Economies and diseconomies of scale<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/concept-of-costs\/\">Concept of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-ac-and-mc\/\">Relationship between AC and MC<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/traditional-theory-of-cost\/\">Traditional theory of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/modern-theory-of-cost\/\">Modern theory of costs<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/explicit-vs-implicit-costs\/\">Explicit vs Implicit costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue\/\">Revenue<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-competition\/\">Perfect competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-meaning\/\">Monopoly<\/a>&nbsp;<\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/price-discrimination\/\">Price discrimination<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-perfect-competition-and-monopoly\/\">Difference between perfect competition and monopoly<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-and-monopolistic-competition\/\">Perfect Vs Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-and-monopolistic-competition\/\">Monopoly and monopolistic competition<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/product-differentiation-strategy\/\">Product differentiation strategy<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopolistic-competition\/\">Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/national-income-in-india\/\">National Income in India<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/measurement-of-national-income\/\">Measurement of national income in India<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/consumption-function\/\">Consumption function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/keynesian-psychological-law-of-consumption\/\">Keynes Psychological law of consumption<\/a><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"266\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1024x266.jpg\" alt=\"Price Elasticity of demand\" class=\"wp-image-787\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1024x266.jpg 1024w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-300x78.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-768x199.jpg 768w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize-1536x398.jpg 1536w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-Presentation-resize.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>Price Elasticity of demand<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>MEANING Price Elasticity of demand is the rate at which quantity purchased changes with the change in price. It is the ratio of percentage change in quantity demanded to percentage change in the price of the commodity, other factors remaining the same. Ed= (-) Percentage change in quantity demanded\/ Percentage change in price ACCORDING TO&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;PRICE ELASTICITY OF DEMAND&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2143,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[92],"tags":[94,110],"class_list":["post-2140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-micro-economics","tag-demand","tag-elasticity-of-demand"],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2140"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2140"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2143"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}