Price elasticity of demand for a product is measured by (Where Ed = elasticity of demand, Q = Quantity, P = Price and Δ = represents change)
1
\(\rm Ed=\frac{\Delta Q}{Q}\times \frac{\Delta P}{P}\)
2
\(\rm Ed=\frac{\Delta Q}{Q}\div \frac{\Delta P}{P}\)
3
\(\rm Ed=\frac{\Delta P}{\Delta Q}\times \frac{Q}{P}\)
4
\(\rm Ed=\frac{\Delta P}{P}\div \frac{\Delta Q}{Q}\)