PED

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Last updated 12:27 PM on 3/26/25
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7 Terms

1
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What does PED measure?

How responsive demand is to a change in price

2
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What does it mean to be price elastic?

Change in price leads to a change in demand

3
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What does it mean to be price inelastic?

Change in price leads to little change in demand

4
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What is the formula for PED?

% change in quantity demanded/% change in price

5
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How do you work out % change in quantity demanded?

PED x % change in price

6
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How do you work out % change in price?

% change in quantity demanded/PED

7
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What PED is inelastic?

Between -1 and 1