Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economics > Topic 2.2 Price, Income And Cross Elasticities Of Demand > Flashcards

Topic 2.2 Price, Income And Cross Elasticities Of Demand Flashcards

1
Q

What is Price elasticity of demand?

A

The price elasticity of demand is the responsiveness of a change in demand to a change in price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the formula for Price elasticity of demand (PED)

A

PED=%changeQD/%changeP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What will happen to demand when there is a change in price? (PED)

A

The change in price leads to an even bigger change in demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

Economics (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions