Price Elasticity of Demand
- Created by: x.jaime.x
- Created on: 19-12-19 21:58
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- Price Elasticity of demand
- PED
- Response of demand for a product to change in its price
- %change in quantity/ %change in price
- Help sales forecasting
- Factors
- Competitors
- Luxury/ necessity
- Product differentiation
- Substitutes
- Switching between product
- Consumers income
- Time period of price change
- Numerical
- >1 = elastic
- < 1= inelastic
- PED
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