Lecture on Price Elasticity

Principle purpose of this lecture is to presentation on Price Elasticity. Price elasticity of demand procedures the responsiveness of buyers’ purchasing habits to a price change. The percentage change in a product’s quantity demanded divided from the percentage change in it is price. The product’s expense to the consumer relative to her/his revenue or wealth. The higher the expenses, the greater the price elasticity. Here also briefly discuss on Income Elasticity of Demand and Cross Price Elasticity of Demand. Finally analysis and and solve some mathematical problems to explain Price Elasticity.