If the percentage change in quantity demanded is greater than the percentage change in price for good x, then the demand for good x is price elasticity.
Price elasticity of quantity demanded is a measurement of the change in consumption of a product in relation to a change in its price. A good is elastic if a price change causes a substantial change in demand or supply.
Goods are much more elastic, so price changes for these goods cause substantial changes in their demand or their supply.
Hence, if the quantity demanded of a product changes greatly in response to changes in its price, it is elastic. That is, the demand point for the product is stretched far from its prior point.
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