Point Elasticity of Demand is a measure of elasticity at different points on a demand curve. It is a measure of responsiveness of demand to very small change in price level in the vicinity of the point about which elasticity of demand is being measured. The change in price is assumed to be so small that the original price and the changed price are depicted by the same point on the demand curve, meaning thereby that change in price is extremely small or mathematically speaking this change is tending to zero, but not actually zero.
SUBMIT ASSIGNMENT NOW!