price elasticity of demand (PED) topic 2

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/4

encourage image

There's no tags or description

Looks like no tags are added yet.

5 Terms

1
New cards

What is the definition of price elasticity of demand

Price Elasticity of Demand (PED) measures how strongly the quantity demanded of a good responds to a change in its price

2
New cards

What is the formula for PED

Percentage change in quantity demanded (divided by) percentage change in price

3
New cards

How to calculate percentage for both of them

New value -old value (divided by) old value x 100

4
New cards

What is a way to remember the formula for PED/how to calculate the percentage for both of them

Formula:you always Queue before you PEE/NOO

5
New cards