Learn: Calculating Price Elasticity of Demand (PED)
Edexcel Level 3 Advanced GCE in Business (9BS0)
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What does Price Elasticity of Demand (PED) measure?
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Price Elasticity of Demand is calculated as: {{blank0}} change in quantity demanded divided by {{blank1}} change in price.
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If demand for a product is inelastic, what happens when the price increases?
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A product's price increases from £5 to £6, and its demand decreases from 100 units to 80 units. What is the PED?
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Which of the following statements about PED are true? (Select all that apply)
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