Economics: Price Elasticities
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Title: Economics: Price Elasticities

Essay Details:

Subject: Miscellaneous
Author: Donald P
Date: May 10, 2017
Level: University
Grade: A
Length: 4 / 1020

Essay text:

When we interpret the value of the price elasticity of demand, we just quote the absolute value. The absolute value of PED range from zero to infinity. When PED is greater than one, the demand for the good is said to be price elastic. It means that a proportionate change in price causes a more than proportionate change in quantity demanded, ceteris paribus. When PED is less than one, demand for the good is said to be price inelastic. This means that a proportionate change in price of the good causes a less than proportionate change in quantity demanded, ceteris paribus. Different products have different price elastic ties due to a number of factors...

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