WHICH OF THE FF. IS FALSE ABOUT Price elasticity of demandof a product?
It is |percentage change in Qd of a product / change in its price|
It can be used to compare consumers' responsiveness at different prices of a product
None of the Choices
=slope of the linear demand equation Q=mb+P|*(P1+P2)/(Q1+Q2), between 2 points (Q1,P1) & (Q2,P2) of the line