How price elasticity calcuted according to their value?

Price elasticity of demand is calculated using the formula:

[ \text{Price Elasticity of Demand (PED)} = \frac{%\text{ Change in Quantity Demanded}}{%\text{ Change in Price}} ]

If the absolute value of PED is greater than 1, demand is considered elastic; if it is less than 1, demand is inelastic; and if it equals 1, demand is unitary elastic. This measurement helps businesses and economists understand how sensitive consumers are to price changes.