PED

The exercise was created 2022-10-24 by MartinFredengren. Question count: 12.

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  • PED= 𝚫%QD/ 𝚫%P
  • PED > 1 Elastic demand
  • PED < 1 Inelastic demand
  • PED = 1 Unit
  • PED = 0 Perfectly inelastic demand
  • PED = infinity Perfectly elastic demand
  • % change New - old / old
  • Inelastic curve Steep one
  • Elastic curve flat one
  • Necesseties are inelastic
  • goods with substitutes are elastic
  • PED is influenced by Necessites and substitutes

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