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What is Price Elasticity in Marketing? PDF Download

Learn Price Elasticity definition in marketing with explanation to study “What is Price Elasticity”. Study price elasticity explanation with marketing terms to review marketing course for online MBA programs.

Price Elasticity Definition:

  • A measure of the sensitivity of demand to changes in price.

    Principles of Marketing by Philip T. Kotler, Gary Armstrong

Price Elasticity Explanation:

Value flexibility is utilized by financial specialists to see how supply or request changes given changes in cost to comprehend the activities of the genuine economy. For example, a few merchandise are inelastic, that is, their costs don't change particularly given changes in supply or request, for instance individuals need to purchase fuel to get the opportunity to work or go the world over, thus if oil costs rise, individuals will probably still purchase only a similar measure of gas. Then again, certain products are versatile, their value moves cause significant changes in its interest or its supply. Here, we will take a gander at how the interest side of the condition is affected by variances in cost by considering the value versatility of interest - which you can appear differently in relation to value flexibility of supply.

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