Current location - Training Enrollment Network - Mathematics courses - Economic and Mathematical Significance of Elasticity
Economic and Mathematical Significance of Elasticity
The price elasticity of demand indicates that the demand of a commodity in a certain period is the degree of response to the price change of the commodity.

In other words, it represents the percentage of change in demand for a commodity caused by one percent price change in a certain period. The formula is: demand price elasticity coefficient =-demand change rate/price change rate.