What are the factors that affect PED

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Last updated 5:30 PM on 10/14/26
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5 Terms

1
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list the four factors that affect ped

  1. avalibility of substitutes

  2. addictiveness of the product

  3. price of the product as a proportion of income

    1. time period


2
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avalability of substitutes explanation ped

good avalability of substitues results in a higher valye of PED (realtively elastic)

3
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addictevness of the product

more addictive→ lower value of PED consumers are less responsive to price changes in cheap products (realtively inelastic)

4
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time period short term:

consumers less responsive → low value of ped, realtively inelastic

5
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time period long term

consumers feel the price change more, look for more substitutes

higher value of ped) realtively elastic