Price elasticity of demand is defined as quantity demanded divided by the change in price. B. quantity demanded divided by price. C. the percentage change in quantity demanded divided by the percentage change in price. D. the change in quantity demanded divided by the change in price.

The answer is: C

Explanation:

Price elasticity of demand measures the sensitivity or responsiveness of quantity demanded of a good or service as a result of changes in pricing of that good or service. The computation of elasticity is done by dividing the percentage change in quantity demanded by the percentage change in price. This yields a units free measure of elasticity and can be interpreted as follows:

Elasticity less than 1: this is defined as price inelasticity (low sensitivity)

Elasticity equal to 1: this is defined as unit elasticity (proportionate sensitivity)

Elasticity greater than 1: this is defined as price elasticity (high sensitivity)

typically a loft will include modern kitchen and bathrooms, this increases the price tag. lofts also have a good amount of open space, this requires more heating and electricity. lofts are also in older buildings, this means that maintaining the location increases the bill. keep in mind this is without talking about the high state and property taxes.

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