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Which of the following can be used to calculate the price elasticity of demand?

Economics
WAEC 2013

Which of the following can be used to calculate the price elasticity of demand?

  • A. \(\frac{\text{percentage change in quatity demand}}{\text{percentage change in price}}\)
  • B. \(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\)
  • C. \(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\)
  • D. \(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\)
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Correct Answer: Option A
Explanation

The price elasticity of demand is calculated as the;

percentage change in quantity demanded
        percentage change in price

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