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Economics > 2.2 Price Elasticity Of Demand > Flashcards

2.2 Price Elasticity Of Demand Flashcards

1
Q

Price elasticity of demand

A

A measure of degree of responsiveness of changes in quantity demanded for of change in price of a product

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2
Q

Types of responses towards PED

A
  1. Inelastic
  2. Elastic
  3. Unitary elastic
  4. Perfectly elastic
  5. Perfectly inelastic
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3
Q

Determinants of PED

A
  1. Availability of substitutes
  2. Nature of the good
  3. Proportion of income spent
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4
Q

Graphssss

A

Check out on notes regarding the changes in total expenditure when quantity demanded changes in response to price changes

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Economics (26 decks)

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