https://padlet.com/jclerch/3vitvlsswcqh en-us 2018-03-24 03:35:41 UTC 2025-05-05 22:36:58 UTC hello@padlet.com jclerch https://padlet.com/jclerch/3vitvlsswcqh/wish/264668655 2018-05-31 01:47:52 UTC https://padlet.com/jclerch/3vitvlsswcqh/wish/264668655 jclerch https://padlet.com/jclerch/3vitvlsswcqh/wish/264677545 2018-05-31 02:41:25 UTC https://padlet.com/jclerch/3vitvlsswcqh/wish/264677545 jclerch https://padlet.com/jclerch/3vitvlsswcqh/wish/264748762

Explain the concept of price elasticity of demand, understanding that it involves responsiveness of quantity demanded to a change in price, along a given demand curve.

Explain, using diagrams and PED values, the concepts of price elastic demand, price inelastic demand, unit elastic demand, perfectly elastic demand and perfectly inelastic demand.

Explain why PED varies along a straight line demand curve and is not represented by the slope of the demand curve.

Explain the determinants of PED, including the number and closeness of substitutes, the degree of necessity, time and the proportion of income spent on the good. (SPLAT).

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