Price elasticity of demand is defined as percentage change in quantity divided by percentage change in price: ed=ΔP/PΔQ/Q=QΔQ×ΔPP. This matches option 2.
Elasticity of Demand is given by the formula.
Verified 13 Jul 2026.
ΔQQ×ΔPP
QΔQ×ΔPP
PΔP×QΔQ
PΔQ×PQ
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