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Price elasticity of demand

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Elasticity is the ratio of rates of change. Price elasticity of demand refers to the rate of change in demand relative to the rate of change in price.
Rate of change in demand
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Rate of change in price
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Price Elasticity 
Because demand generally decreases when prices rise, a negative sign is added to the formula so that the result is positive. Typically, if the absolute value of price elasticity exceeds 1, demand is said to be elastic; if it is less than 1, it is called inelastic.
*In some cases, the result of price elasticity of demand is calculated using the absolute value.

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