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- Define PED (Formula included)
- PED could be increased by more advertising, brand loyalty an
- Businesses would want to change the elasticity so they can maximise revenue (Explain how e.g elastic low prices higher revenue)

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Natascha

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iman irfanullah

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-define ped and give its formula
-mention 5 elasticities
-factots that could change ped

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1.Define ped and formula
2.define elasticies (5)
3.give factors affecting ped
4.advertising fo make more inelastic
5.advertising can differentiate iy from its substitutes to make inelastic
6. businesses can lower price to make it inelastic
7. R&D
8.However firms may want elastic ped to increase market share
9. This is as lowering prices can increase output

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Definition of ped
Define elasticities of ped
determinants of ped

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Define PED and give the formula
State what determines the PED and what can change the PED
Why would businesses want to change the price elasticity for their product
How can businesses attempt to change the price elasticity for their product

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- define ped, give its formula
- define the elasticities of ped (5)
- give the factors that could cause ped to change
- through advertisement (to make it more inelastic)
- advertisement can also differenciate it from its substitutes (make the ped more inelastic)
-businesses can reduce prices (to decrease the proportion of income spent so then the elasticity will become more inelastic)
- r & d
- create brand loyalty

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- definition of PED
- formula
- define elasticity, inelasticity and give ranges of the numbers