- See Mr. Schweder if you need to assess
- You will be able to reassess
Read Chapter 4 "Elasticities" Price Elasticity of Demand pages 46 - 56
Resources:
Value Ranges for PED (Determined by slope of line)
PED > 1 Elastic
PED < 1 Inelastic
PED = 1 Unit Elastic
Formula for PED = % Change in Quantity Demanded of a product
% Change in Price of the Product
Khan Academy Video - Price Elasticity of Demand
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