PED

• Price Elasticity of Demand

  A measure of how responsive quantity demanded is to changes in price. It ranges from perfectly elastic to perfectly inelastic.
• Factors Affecting Price Elasticity of Demand

  Substitutes, other prices, income, time, brand loyalty, and quality
• Measuring Price Elasticity of Demand

  Percentage change method, total revenue test, and statistical methods
• Implications of PED on Producers

  Price setting, revenue, marketing strategies, and supply chain management
• Implications of PED on Customers

  Budgeting, product choices, brand loyalty, and inflation