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

6884 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Why is the demand curve downward sloping


Explain how a monopoly affects competition in a market


Explain one consequence of a more globalised world?


Explain two advantages that firms may gain from a horizontal merger.


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences