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PED + YED
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PED + YED
Price elasticity of Demand= the relationship between the change in price and the demand for the product
- Inelastic= demand doesn't change at all/much when price changes (0-1%)
- Elastic= demand changes by more than 1% due to price changes
Income elasticity of Demand= the relationship between the change in consumers' incomes and the demand for the product
- Elastic= the change in income affects the demand by more than 1%
- Inelastic= There is no/ little change in demand due to the changes in consumer's income
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- A levels Business Mind Map on PED + YED, created by Merica Willis on 26/04/2015.
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- Merica Willis
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