Price Elasticity of Demand Explained | PED

Watch this video if you want to understand Price Elasticity of Demand, which is also known as PED.
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When looking to buy a product or service, have you ever been influenced by the price? If you have, you aren’t on your own. The Price Elasticity of Demand which is often referred to as PED provides a business with a measurement of exactly this, how the demand for a business’ goods and services alter after a change in price. Let’s have a look into the Price Elasticity of Demand in more detail and calculate some worked examples.
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[@AP_6]

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[@TwoTeachers]

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[@TwoTeachers]

Petrol could be classified as ‘elastic’ or ‘inelastic’ dependent on the situation, how and why?

[@danielbarnes4164]

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[@TwoTeachers]

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