Economics, trade: elasticity

Self-tutoring about economics: the tutor mentions an observed value for price elasticity.

The following is according to my understanding.

Price elasticity, in economics, refers to the change in demand relative to a change in price. Elasticity is almost always negative, since demand tends to decrease as price increases. However, it’s often referred to without mentioning the negative, even though the negative sign is implicit. Therefore, elasticity of 2 actually means -2, and suggests demand will fall by 2% for every 1% increase in price.

Elasticity of around 2 is observed, according to the Office of the United States Trade Representative.

Interesting, eh?

Source:

ustr.gov

saylordotorg.github.io