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Business > Theme 1 Price Elasticity of Demand > Flashcards

Theme 1 Price Elasticity of Demand Flashcards

1
Q

What is price elasticity of demands formula?

A

%Change in quantity Demanded/%Change in price

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2
Q

Is % change demand greater or less than the % change in price for ELASTIC PRODUCTS?

A

% Change in demand is GREATER than % Change in price.

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3
Q

is % change in demand greater or less than % change in price for INELASTIC PRODUCTS?

A

LESS THAN

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4
Q

what are factors affecting Price elasticity of demand

A

Necessity of product
Brand Loyalty
Own Brand vs Real brand

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