Cost elasticity of need is a measurement that determines just exactly how need for products or services may improvement in a reaction to alter within the rates of these items or solutions.
Just how to utilize the price elasticity of demand calculator:
- Input the present price
- Input the price that is new
- Input the quantity that is current
- Input the brand new volume
- Click the “Calculate” button to create the outcomes.
We have: Initial Price (PI) = PI, New Price (PN) = PN, Initial Quantity (QI) = QI, New Quantity (QN) = QN.
PED = ( (QN в€’ QI) / (QN + QI) / 2) / ( (PN – PI) / (PN + PI) / 2)