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Price Elasticity is one of the important theories of Demand in microeconomics. It is the degree of responsiveness of the demand of the goods and services to their price.

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What Do You Mean by Price Elasticity of Demand?

Price elasticity of demand is defined as the degree of responsiveness of the demand of the commodity to its price. It is the ratio of change in quantity demanded to its change in price. 

Mathematically, E = ΔQ/Q*P/ΔP

Here, {ΔQ = change in quantity, Q= Original Quantity, ΔP= change in Price, P= Original Price}

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Types of Price Elasticity of Demand

Depending on the various degrees of change in price and quantity demanded, there are five types of Price elasticity of demand. 

Perfectly Elastic Demand: In perfectly elastic demand, the price of the commodity is constant while the quantity changes infinitely. In this case, irrespective of the quantity demanded, the price of the commodity is always fixed. In the perfectly elastic graph, the price is parallel to the X-Axis. This situation is ideal. Numerically, EP = ∞.

Elastic Demand/Relatively Elastic Demand: In this case, the percentage change in demand is more than the percentage change in price. With little price change, the quantity demanded changes significantly. For example – Luxury goods Numerically, EP>1.

Unitary Elastic Demand: When the percentage change in the price of the commodity is equal to the parentage change in its quantity demanded, it is called unit elasticity of demand. This is the case in which 30% change in quantity = 30% change in price. Numerically, EP=1.

Inelastic Demand/Relatively Inelastic Demand: In this case, the percentage change in demand is less than the percentage change in price. Even with a bigger change in price, the quantity changes by a smaller proportion. For example – Products of daily consumption like salt. Numerically, EP<1.

Perfectly Inelastic Demand: Here, the quantity demanded of the remains constant irrespective of the change in price. Therefore, price increases or decreases but quantity remains constant. For example – Premium Goods like the painting of the Mona Lisa. Numerically, EP=0.

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Factors Determining Price Elasticity of Demand

Several factors determine the Price Elasticity of demand. Some of them are –

Income of the consumer - A consumer who has a huge income will not be concerned about the changes in the price of the product. He will continue to consume the same quantity of commodities irrespective of the price change. Therefore, inelastic demand will apply.

Substitute Products – With a decrease in the price of the substitute product, people will shift from the original product to its substitute, therefore, a slight change in price quantity will change by a larger proportion. So, in this case, elastic demand will apply.

Duration of Products – Perishable goods are highly inelastic. Their demand hardly changes even with a huge change in price. Durable goods on the other hand are highly elastic. 

Necessity – Necessary goods like food, gas, and clothing are inelastic as their requirement will remain the same irrespective of their price. Luxury goods are more elastic as people buy them mostly when the price falls.

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