- substitutes - amount of income - necessetices/luxuries? - time

Elasticity - PED Flashcards by Thea Bridges

What is the definition of PED?

The responsiveness of changes in quantity demanded to changes in price

How well did you know this?

Not at all

Perfectly

What effects the amount of substitutes due to value of elasticity?

Elasticity - if elastic it has substitutes

How well did you know this?

Not at all

Perfectly

What is the equation for PED?

%change in Price

How well did you know this?

Not at all

Perfectly

What effects PED?

How well did you know this?

Not at all

Perfectly

Elasticity - PED Flashcards