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Edexcel Business A level Theme 2 > 1.2.4 - price elasticity of demand > Flashcards

1.2.4 - price elasticity of demand Flashcards

1
Q

elasticity of demand

A

as price increases demand decreases
( VICE VERSA)

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2
Q

is ped positive or negative

A

negative

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3
Q

ped formula

A

(%change in qd )/(% change in price)

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4
Q

elastic

A

x>1 ( bigger than 1)

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5
Q

inelastic

A

x<1 (smaller than 1)

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Edexcel Business A level Theme 2 (13 decks)

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