School of Economics | Price Elasticity of Demand (PED)

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25 May Price Elasticity of Demand (PED)

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Price elasticity of demand (PED) measures the responsiveness of demand after a change in price. Example of PED If price increases by 10% and demand for CDs fell by 20%Then PED = -20/10 = -2.0 If the price of petrol increased from 130p to 140p and demand fell from...