PED
- Created by: bethany_george
- Created on: 31-05-17 14:44
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- 2.2.1
- PED
- % change of QD / % change in price
- Inelastic demand (between 0-1)
- Elastic demand (more than 1)
- Factors influencing PED
- Necessities
- Availability of substitutes
- Addictiveness / habitual
- Proportion of income spent on item
- Peak / Off-peak demand
- PED & Total Revenue
- Inelastic demand & increase in price = Increase in TR
- Inelastic demand & decrease in price = Decrease in TR
- Elastic demand & increase in price = Decrease in TR
- Elastic demand & decrease in price = Increase in TR
- PED
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