Definition: Price Elasticity is in pricing and marketing the percentage of change in the quantity demanded as a result of a percentage change in price. The higher the absolute value, the more sensitive customers will be to price changes. But there are more factors which influence price elasticity of demand, including the availability of substitute products, the expenditure involved, time, product durability, and the range of applications.
MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration.
We like to keep things short, and provide links to learn more about your subject.
© 2023 MBA Brief - Last updated: 30-11-2023 - Privacy | Terms