The continental shelf is an underwater landmass which extends from a continent, resulting in an area of relatively shallow water known as a shelf sea.Much of the shelves were exposed during glacial periods and interglacial periods.The shelf surrounding an island is known as an insular shelf.The continental margin, between the continental shelf and the abyssal plain, comprises a steep continental slope followed by the flatter continental rise.Sediment from the continent above cascades down the slope and accumulates as a pile of sediment at the base of the slope, called the continental rise.he shelf surrounding an island is known as an insular shelf. The continental margin, between the continental shelf and the abyssal plain, comprises a steep continental slope followed by the flatter continental rise.
Price elasticity is a measure of the responsiveness of demand or supply of a good or service to changes in price. The price elasticity of demand measures the ratio of the proportionate change in quantity demanded to the proportionate change of the price . The price elasticity of supply is analogous.
DEFINITION of 'Price Elasticity Of Demand'. A measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. Price elasticity of demand is a term in economics often used when discussing price sensitivity. The formula for calculating price elasticity of demand is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price. If a small change in price is accompanied by a large change in quantity demanded, the product is said to be elastic (or responsive to price changes).