Price Elasticity of Demand

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  • 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

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