Stepl-ELASTICormELASTIC? Price Elasticity of Demand is a measure of how responsive demand is to a change in price. If a price change leads to a considerably bigger change in quantity demanded, we would consider the good to be responsive to a price changehence elastic. If, however, a similar price change leads to a much smaller change in demand, we would consider it inelastic. To get a more precise measure of the responsiveness to a price change we can calculate a value for price elasticity of demand. We use the formula: MW PRICE amen-r 0F DEMAND = mm B a\" a m . dell\" percentage change in price N___-_'g'_m PERCENTAGE CHANGE: 9"\" Timber 0" ""11 Number x 100 Original Number Use the formula above to calculate values of Price Elasticity for all the situations below: \"In 40