How is the elasticity of supply and demand measured?

The elasticity of supply and demand is measured using the formula for price elasticity, which calculates the percentage change in quantity supplied or demanded in response to a percentage change in price. For demand, the price elasticity of demand (PED) is calculated as the percentage change in quantity demanded divided by the percentage change in price. Similarly, the price elasticity of supply (PES) is the percentage change in quantity supplied divided by the percentage change in price. Values greater than 1 indicate elastic responses, while values less than 1 indicate inelastic responses.