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Price Elasticity of Demand (PED) responsiveness of quantity demand given a change in price
Values of price elastic, price inelastic, unitary elastic, perfectly inelastic, perfectly elastic X>1 , X<1 , X=1 ,X=0 , X=Infinite
Determinants of Price elasticity Substitutes, Percentage of income, Luxury vs Necessity, Addictive nature, Time period
Income Elasticity of Demand (YED) Inferior goods are negative, Normal goods are 0-1, Luxury are >1
Cross Elasticity of Demand (CED) Positive = Substitutes, Negative = Compliments
PED % change in Q.D. / % change in Price
YED % change in Q.D. / % change in Income
CED % change in Q.D. Good A / % change in Price Good B
Created by: Haribro