ped/yed

ped/yed

1. minority of goods such as petrol have a price inelastic demand this is because their will always be a demand for petrol no matter wha the price as people need it for cars

2. most goods are price elastic as they are most responsive to changes in price

3. PED= percentage change in quantity of demand /percentage change in price

4. factors influencing PED= time , completion for the same product, branding,the proportion of income spent on the product, product types vs the original product