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.
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More on pricing: By-Product Pricing, Cost-based Pricing, Decoy Effect, Demarketing, Dynamic Pricing, more...
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