1.4 PES&PES

Question 1

PED

Answer 1

PED stands for Price Elasticity of Demand in economics, which is a measure of how much the quantity demanded of a good or service changes in response to a change in its price.

Question 2

PES

Answer 2

PES stands for Price Elasticity of Supply in economics, which measures the responsiveness of the quantity supplied of a good or service to a change in its price