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business > -price elasticity of demand- > Flashcards

-price elasticity of demand- Flashcards

1
Q

PED formula/

A

% change in quantity demanded/% change in price.

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2
Q

If PED is less than one is it inelastic/elastic.

A

Price inelastic

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3
Q

If PED is more than one, is it inelastic or elastic?

A

Price elastic

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4
Q

What effects the PED of a product/service?

A 
Brand strength.
Necessity.
Consumer habits.
Availability of alternatives.
Time (long/short term).
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business (40 decks)

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