Learning Contents:                                                             ·          Introduction to Price Elasticity of Demand ·          Various Degrees of  Price Elasticity of Demand   Introduction This post will explore how demand responds to change in own price of the commodity. As studied earlier, The Law of demand states that other things remain constant, price and quantity demand are inversely related to each other. If the price falls, quantity demand rises. On the other hand, if price rises, quantity demand falls. Therefore, the concept of demand measures only the direction of change . In simple words, it shows how demand responds to change in the own price of the commodity, or we can say that demand either increases or decreases as a result of the change in its own price. On the other hand, Price Elasticity of demand measures the degree of change i.e. How much or to what extent demand changes as a result of the change in price. Price elasticity of demand m