Price Elasticity of Demand

The concept of price elasticity of demand has been defined by different economists as under :

According to Alfred Marshall: "Elasticity of demand may be defined as the percentage change in quantity demanded to the percentage change in price."

According to A.K. Cairncross : "The elasticity of demand for a commodity is the rate at which quantity bought changes as the price changes."

According to J.M. Keynes : "The elasticity of demand is a measure of the relative change in quantity to a relative change in price."

Lastly we can say that price elasticity of demand measures the responsiveness of demand to changes in price."