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Econ AS > Elasticity - PED > Flashcards

Elasticity - PED Flashcards

1
Q

What is the definition of PED?

A

The responsiveness of changes in quantity demanded to changes in price

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2
Q

What effects the amount of substitutes due to value of elasticity?

A

Elasticity - if elastic it has substitutes

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3
Q

What is the equation for PED?

A

%change in Price

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4
Q

What effects PED?

A
  • substitutes
  • amount of income
  • necessetices/luxuries?
  • time
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Econ AS (7 decks)

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