The conversation between human and AI assistant.
What is the price elasticity of demand for socks?
I wanted to know about the price elasticity of demand for socks. Can you tell me about it?
Sure, the price elasticity of demand for socks is a measure of the responsiveness of the quantity demanded of socks to changes in the price of socks. A high price elasticity of demand means that a small change in the price of socks will lead to a large change in the quantity of socks demanded, while a low price elasticity of demand means that a large change in the price of socks will only lead to a small change in the quantity of socks demanded.