Answer:
The correct answer is "Percentage change in quantity demanded divided by the percentage change in price of that good".
Step-by-step explanation:
The elasticity of demand is a measure used in economics to show the degree of response of the quantity demanded of a good or service to changes in the price it presents. It grants the percentage change of the quantity demanded about a unitary percentage change in the price, with the other variables considered constant.
The E is a measure of the sensitivity of the quantity demanded of a good or service to changes in its price. Its formula normally produces a negative result due to the inverse nature of the relationship between the price and the quantity demanded.
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