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Business A Level > Price Elasticity > Flashcards

Price Elasticity Flashcards

1
Q

What is PED?

A

Measures the responsiveness of quantity demanded for the product to a given change in its price

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2
Q

What is the formula for PED?

A

Percentage change in quantity / percentage change in price

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3
Q

If PED is greater than one, then it is…

A

Price Elastic

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4
Q

If PED is less than one, then it is price…

A

Inelastic

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5
Q

Formula for total revenue =

A

Price x quantity

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Business A Level (21 decks)

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