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Elasticity of Demand: Concept and Types

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What does Price Elasticity of Demand (PED) measure?

Percentage change in quantity demanded for a percentage change in price

How do consumers behave if the Price Elasticity of Demand (PED) is high?

They buy less when prices increase

What does Income Elasticity of Demand (YED) measure?

Percentage change in quantity demanded for a percentage change in income

What does a positive Income Elasticity of Demand (YED) indicate?

<p>Consumers buy more of a product as their income increases</p> Signup and view all the answers

How does the availability of substitutes affect the elasticity of demand?

<p>If there are many substitutes available, demand is likely to be more elastic</p> Signup and view all the answers

Elasticity of Demand: Concept and Types

Choose a study mode

Podcast

Questions and Answers

What does Price Elasticity of Demand (PED) measure?

How do consumers behave if the Price Elasticity of Demand (PED) is high?

What does Income Elasticity of Demand (YED) measure?

What does a positive Income Elasticity of Demand (YED) indicate?

How does the availability of substitutes affect the elasticity of demand?

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