Get Your Report Now! When using market survey data to determine the salary range for a position, you could use the 10th, 50th, and 90th percentiles as your minimum, mid-point, and maximum for the range. Or, maybe the 25th, 50th, and 75th percentiles would do okay.
Definition: Elastic demand is an economic concept that occurs when the quantity of a product responds intensively to a change in the price of the product. What Does Elastic Demand Mean? What is the definition of elastic demand? According to the law of demand, when the price of a product rises, the quantity demanded declines because people are not willing to spend more money on a particular product.
price elasticity of demand rate. (Noun) Economics: a tool which shows the percentage change in demand due to a percentage change in price. if the value is less than 1, it is said to be inelastic. if the value is higher than 1, it is said to be elastic. Link to this page: