What is the formula for measuring price elasticity of demand? percentage change in price / percentage change in quantity demanded percentage change in quantity demanded / percentage change in price change in quantity demanded / change in price change in price / change in quantity demanded when the price elasticity coefficient is less than 1, the percentage change in quantity demanded is the change in price. when the price elasticity coefficient is equal to 1, the percentage change in quantity demanded is the change in price. when the price elasticity coefficient is greater than 1, the percentage change in quantity demanded is the change in price?

Total marketing effort is a term used to describe the critical decision factors that affect demand: price, advertising, distribution, and product quality. define the variable x to represent total marketing effort. a typical model that is used to predict demand as a function of total marketing effort is based on the power function: d = axb suppose that a is a positive number. different model forms result from varying the constant b. sketch the graphs of this model for b = 0, b = 1, 0< b< 1, b< 0, and b> 1. (we encourage you to use excel to do this.) what does each model tell you about the relationship between demand and marketing effort? what assumptions are implied? are they reasonable? how would you go about selecting the appropriate model?