Paper 3 microeconomics

Question 1

What is the equation for the PED?

Answer 1

% Δ Qd/% Δ P
% Δ Qd=(Qd2 - Qd1)/Qd1x 100
% Δ P=(P2 - P1)/P1x 100

Question 2

What is the equation for YED?

Answer 2

% Δ Qd%/ Δ Y
% Δ Qd=(Qd2 - Qd1)/Qd1x 100;
% Δ Y= (Y2 - Y1)/Y1x 100

Question 3

What is the equation for PES?

Answer 3

% Δ Qs/% Δ P
(Qs2 - Qs1)/Qs1x 100
(P2 - P1)/P1x 100