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Define Price Elasticity of Demand (PED) and explain what inelastic PED means for a good.

Price elasticity of demand is the responsiveness of quantity demanded to changes in price in the market.If PED was to be inelastic, price changes have a small effect on changes in quantity demanded.

Answered by Owen W. • Economics tutor

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Define Price Elasticity of Demand (PED) and explain what inelastic PED means for a good.

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