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Card 6
Front
PED is infinity - demand will fall to 0 if there is any change in price
Back
Card 7
Front
Value of PED is between 0 and 1 - a % change in price will cause a smaller % change in quantity demanded
Back
Card 8
Front
PED is 0 - change in price will have no effect on demand
Back
Card 9
Front
PED is + or - 1 - % change in price is equal to the % change in demand
Back
Card 10
Front
Value of YED is greater than 1
Back
Card 11
Front
Value of YED is less than 1
Back
Card 12
Front
YED is 0 - demand remains constant with income
Back
Card 13
Front
XED is positive
Back
Card 14
Front
XED is negative
Back
Card 15
Front
production of one good or service involves the production of another - e.g. butane is a by product of producing petrol
Back
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