Price elasticity of demand is the change in demand relative to a change in price for a product or service.
For more on defining your market and target customers, check out How to Do Market Research, Market Research Resources for Entrepreneurs, and How to Define Your Target Market.
Was this article helpful?
Average rating 0 / 5. Vote count: 0
No votes so far! Be the first to rate this post.
At Bplans, it's our goal to make it easy for you to start and run your business. The Bplans glossary of common business terms will help you learn about key small business and entrepreneurship topics.
Starting or Growing a Business? Check out these Offerings.
Business Plan Writers
Investor-Ready Business Plans Written In No Time
100% Free Quote
Full Business Plan in Half the Time— and Double the Impact
Save 25% Annually
Boost team productivity and collaboration with a shared email inbox
14 days free
Exclusive Offers on Must-Haves for New and Growing Businesses
$100+ in savings
What does the price of gas have to do with your business?
Product Demand Validation — How to Test Your Business Idea
Startups Are Coming
Expert business tips and advice delivered weekly.
Easily write a business plan, secure funding, and gain insights.