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H2 Econs > Chapter 3: Application of demand and supply analysis to real-world markets > Flashcards

Chapter 3: Application of demand and supply analysis to real-world markets Flashcards

1
Q

Define PED

A

Price elasticity of demand measures the degree of reponsiveness of the quantity demanded of a good to a change in its price, ceteris paribus

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2
Q

What are the determinants of PED?

A
  1. Number and closeness of substitutes
  2. Proportion of income spent on the good
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3
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H2 Econs (10 decks)

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