The Great Upheaval. A Spontaneous Eruption. It started with a 10% pay cut. When leaders of the Baltimore and Ohio Railroad Company ordered this second reduction in less than eight months, railroad workers in Martinsburg, West Virginia decided they had had enough.
According to this method, âprice elasticity of demand is the ratio of percentage change in the amount demanded to the percentage change in price of the commodity.â. It is also known as the Percentage Method, Flux Method, Ratio Method, and Arithmetic Method.
The price elasticity of demand measures thea. responsiveness of a good's price to a change in quantity demandedb. adaptability of suppliers when a change in demand alters the price of a goodc. responsiveness of quantity demanded to a change in a good's priced. adaptability of buyers when there is a change in demande.