PED Flashcards
(7 cards)
1
Q
what does ped measure
A
the responsiveness to quantity demanded when price changes
2
Q
formula
A
% change Qd/ % change p
3
Q
greater then 1
A
elastic
4
Q
less then 1
A
inelastic
5
Q
0
A
perfectly inelastic
6
Q
1
A
unit price elastic
7
Q
A
