Demand

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What is price elasticity of demand?
The responsiveness of demand to a change in price
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What factors inluence price elasticity of demand?
Time/competition for same product/branding/the proportion of income spent on a product
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If the value of price elasticity is less than one demand is said to be?
Price inelastic
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If the value of price elasticity is more than one demand is said to be?
Price elastic
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What is the formula for PED?
=percentage change in quantity demanded divided by percentage change in price
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Card 2

Front

What factors inluence price elasticity of demand?

Back

Time/competition for same product/branding/the proportion of income spent on a product

Card 3

Front

If the value of price elasticity is less than one demand is said to be?

Back

Preview of the front of card 3

Card 4

Front

If the value of price elasticity is more than one demand is said to be?

Back

Preview of the front of card 4

Card 5

Front

What is the formula for PED?

Back

Preview of the front of card 5

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