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ECO 365 Week 1 Knowledge Check Price elasticity of demand is the change in the quantity of a good demanded divided by the change in the price of that good change in the price of a good divided by the change in the quantity of the good demanded percentage change in price of that good divided by the percentage change in the quantity of that good demanded percentage change in quantity of a good demanded divided by the percentage change in the price of that good in general, the greater the elasticity, the smaller the responsiveness of price to changes in quantity smaller the responsiveness of quantity to changes in price larger the responsiveness of price to changes in quantity larger the responsiveness of quantity to changes in price The price elasticity of supply is the change in the quantity supplied divided by the change in price percentage change in the quantity supplied divided by the percentage change in price change in price divided by the change in the quantity supplied percentage change in the price divided by the percentage change in the quantity supplied