PED

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revinder sangha

Cards (5)

Price elasticity of demand
Measures the extent to which the quantity demanded changes in response to a change in price
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Calculating price elasticity of demand (PED)
1. Calculate percentage change in quantity demanded
2. Calculate percentage change in price
3. Divide percentage change in quantity demanded by percentage change in price
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PED
PED > 1: Demand is price elastic (change in demand is greater than change in price)
PED < 1: Demand is price inelastic (change in demand is less than change in price)
PED = 1: Demand has unitary price elasticity (change in demand equals change in price)
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Factors influencing price elasticity
Strong brand loyalty and reputation
Necessity products
Habitual consumption
Availability of substitutes
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Price elastic products
Chocolate bars
Bread
Newspapers
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PED

Cards (5)

2.2.3 Blood

1.1.5 Microscopy

2.5 Writing Critical Essays

2.1 Principles of Organisation

1.3.1 Key Beliefs and Teachings

4.1 The role of education in society

3.4 Jobs, career choices and ambitions

1.1.3 Cell Specialization

1.5.4 The Economy and Business

1.1 Structure and Calculation

2.1.1 Eukaryotic cells

9.3.2 Conservation

1.2 Carbohydrates

4.2 Vietnam War

1.1.3 Describing Energy Changes in a System

2.4 The marketing mix

3.4. Wildfires

1.1.2 Structures of Memory

1.1 The purpose and nature of businesses

2.2 Types of Long-Term Memory

3.5.1 Traditional Drug Sources