Define price elasticity of demand and explain the formula for calculating price elasticity

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• Principles of Economics
•  
• Q1. Write an essay on the main purposes of how
  economics work, and the relations between the
  main economic players and institutions.
• Q2.  Describe developed, undeveloped and
  developing Economies.
• Q3.  All economies face three fundamental or
  basic central economic problems. What are they.
  Explain.
• Q4. Define price elasticity of demand and explain
  the formula for calculating price elasticity?

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• 5.   Describe the advantages of a Socialist
  Economy.
• 6.   Explain the defects of Capitalism.

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