Price elasticity of Demand o Price elasticity of demand is the percentage change in quantity demanded given a percent change in the price o It is a measure of how much the quantity demanded of a good responds to a change in the price of that goodPrice Elasticity of Demand • Price elasticity of demand is the percentage change in quantity demanded given a percent change in the price. • It is a measure of how much the quantity demanded of a good responds to a change in the price of that good