Price Elasticity of Demand

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Price Elastic Demand
a change in price results in greater change in demand
1 of 5
Price Elasticity of Demand
the responsiveness of demand to a change in price
2 of 5
Price Inelastic Demand
a change in price results in a proportionately smaller change in demand
3 of 5
If the value of price elasticity is Less than 1
its Price Inelastic
4 of 5
If the value of price elasticity is Greater than 1
its Price Elastic
5 of 5

Other cards in this set

Card 2

Front

the responsiveness of demand to a change in price

Back

Price Elasticity of Demand

Card 3

Front

a change in price results in a proportionately smaller change in demand

Back

Preview of the back of card 3

Card 4

Front

its Price Inelastic

Back

Preview of the back of card 4

Card 5

Front

its Price Elastic

Back

Preview of the back of card 5

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