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In Economics, the elasticity is a measure of how responsive a demand curve is to a change in prices. One may think that economists usually focus on elasticity of supply, as supply is the determinant of price, but we must not forget about elasticity of demand, as it determines the response of demand to changes in price. For example, if the price of a good or service rises by 10%, the demand for that product or service in the market will rise by 10% as well, because it has to satisfy

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Economics is a quantitative science that studies the economic behavior of human beings in relation to the production, distribution, and consumption of goods and services. These concepts have a major role in all kinds of examinations, from university coursework to business courses to national exams. Elasticity, also known as Price Elasticity of Demand, is one of the fundamental concepts of Economics, but many students still face difficulty in mastering this topic. In Economics, Price Elasticity of Demand is defined as the change in price when the quantity demanded increases.

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