Y12 Booklet 2: Elasticity

Question 1

What does PED stand for?

Answer 1

Price Elasticity of Demand

Question 2

What is the formula for PED?

Answer 2

Question 3

What is the numberline for PED?

Answer 3

Question 4

If demand is price elastic, when price increases, what happens to revenue?

Answer 4

Decrease

Question 5

If demand is price inelastic, when price increases, what happens to revenue?

Answer 5

Increase

Question 6

What are 3 factors that determine PED?

Answer 6

Necessity vs Luxury, Brand Loyalty, Habit & Addiction

Question 7

What is a PED elastic diagram’s shape?

Answer 7

Flatter

Question 8

What is a PED inelastic diagram’s shape?

Answer 8

Steeper

Question 9

What does YED stand for?

Answer 9

Income Elasticity of Demand

Question 10

What is the formula for YED?

Answer 10

Question 11

What is the numberline for YED?

Answer 11

Question 12

What does XED stand for?

Answer 12

Cross-Price Elasticity of Demand

Question 13

What is the formula for XED?

Answer 13

Question 14

What is the numberline for XED?

Answer 14

Question 15

What does PES stand for?

Answer 15

Price Elasticity of Supply

Question 16

What is the formula for PES?

Answer 16

Question 17

What is the numberline for PES?

Answer 17

Question 18

What is a PES elastic diagram’s shape?

Answer 18

Flatter

Question 19

What is a PES inelastic diagram’s shape?

Answer 19

Steeper