Price Elasticity of Demand
- GCSE, AS
- AQA, Edexcel, OCR, IB
Last updated 18 Feb 2018
Price elasticity of demand measures the responsiveness of quantity demanded for a product to a change in price. It is one of the most important concepts in business, particularly when making decisions about pricing and the rest of the marketing mix.
The short video below provides an overview of the concept of price elasticity of demand and there are some additional study notes below the video.