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Economics > Chapter 6- PED > Flashcards

Chapter 6- PED Flashcards

1
Q

PED

A

% change in quantity / % change in price

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2
Q

Perfectly inelastic

A

0

Price changes have no effect on quantity

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3
Q

Inelastic

A

Between 0 and 1

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4
Q

elastic

A

between 1 and infinity

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5
Q

why does ped vary

A

availability of substitute products
branding
degree of necessity
time (when price changes consumers don’t react immediately)

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Economics (45 decks)

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