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Microeconomics > Micro 13 - Price elasticity of demand > Flashcards

Micro 13 - Price elasticity of demand Flashcards

1
Q

Price elastic definition

A

% change in demand is more than proportional to the % change in price

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2
Q

Price elastic and inelastic diagrams

A
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3
Q

Which 3 factors determine the price elasticity of demand?

A
  1. Amount of substitutes
  2. Price as % of income
  3. Over time, substitutes may be developed
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4
Q

Evaluate PED

A
  1. Other factors apart from price can affect demand
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5
Q
A
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Microeconomics (14 decks)

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