Wiktionary(0.00 / 0 votes)Rate this definition: 1  upheaval(Noun) the process of being heaved upward, especially the raising of part of the earth's crust. 2  upheaval(Noun) a sudden violent upset, disruption or convulsion.
MicroEcon Test 2 Correct 1. The price elasticity of demand coefficient measures: A) buyer responsiveness to price changes. B) the extent to which a demand curve shifts as incomes change. C) the slope of the demand curve. D) how far business executives can stretch their fixed costs. Points Earned: 1.0/1.0 Correct Answer(s): A Correct 2.
Price Elasticity of Demand. An important aspect of a product's demand curve is how much the quantity demanded changes when the price changes. The economic measure of this response is the price elasticity of demand. Price elasticity of demand is calculated by dividing the proportionate change in quantity demanded by the proportionate change in price. Proportionate (or percentage) changes are used so that the elasticity is a unit-less value and does not depend on the types of measures used (e.g. kilograms, pounds, etc).