PED
Price Elasticity of Demand (PED) measures how much the quantity demanded of a product changes when its price changes
Formula
PED= %CHANGE IN QUANTITY DEMANDED
% CHANGE IN PRICE
if the
price ⬆ demand ⬇
demand ⬇ price ⬆
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Price Elasticity of Demand (PED) measures how much the quantity demanded of a product changes when its price changes
Formula
PED= %CHANGE IN QUANTITY DEMANDED
% CHANGE IN PRICE
if the
price ⬆ demand ⬇
demand ⬇ price ⬆