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Economics > Price Elasticity of Demand > Flashcards

Price Elasticity of Demand Flashcards

1
Q

Formula for Coefficient?

A

%△Qd/%△P

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2
Q

Formula for PED?

A

%△Qd/%△P

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3
Q

%△QD?

A

new-old/oldx100

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4
Q

%△P?

A

new-old/oldx100

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5
Q

What is Price Elasticity of Demand?

A

Price Elasticity Demanded is the responsiveness of quantity demanded to a change in price

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6
Q

What is the Demand for PED>1?

A

Demand for PED>1 is Elastic

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7
Q

What is the Demand for PED=1?

A

Demand for PED=1 is Unitary Elastic

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8
Q

What is the Demand for PED<1?

A

Demand for PED<1 is Fairly/Relatively Elastic

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9
Q

What is the Demand for Ped<Infinity?

A

Demand for PED<Infinity is Perfectly Elastic

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10
Q

What is the Demand for PED=0?

A

Demand for PED=0 is Perfectly Inelastic

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11
Q

Elasticity of Medicine?

A

Perfectly Inelastic

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12
Q

What are 5 factors influencing PED?

A
  1. Price of the Good
  2. Price of the good as a percentage of total expenditure
  3. Degree of Necessity
  4. Habit
  5. Substitutes
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Economics (6 decks)

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