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Business A Level > Price Elasticity Of Demand > Flashcards

Price Elasticity Of Demand Flashcards

1
Q

PED

A

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

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2
Q

Formula for PED

A

Percentage change in quantity demanded / percentage change in price.

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3
Q

PED greater than one

A

Is price elastic

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4
Q

PED less than one

A

Price inelastic

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Business A Level (21 decks)

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