Answers>Economics>GCSE>Article

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

7767 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain one possible effect on the equilibrium market price of an increase in production costs for firms

Explain one consequence of a more globalised world?

Evaluate the impact of a fall in the price of oil on the market for diesel cars

What are some disadvantages of using GDP as a measure of living standards?

Popular Requests

Maths tutor Chemistry tutor Physics tutor Biology tutor English tutor GCSE tutors A level tutors IB tutors Physics & Maths tutors Chemistry & Maths tutors GCSE Maths tutors

CLICK CEOP

Internet Safety

Payment Security

Cyber

Essentials

MyTutor is part of the IXL family of brands:

IXL

Comprehensive K-12 personalized learning

Rosetta Stone

Immersive learning for 25 languages

Wyzant

Trusted tutors for 300 subjects

Education.com

35,000 worksheets, games, and lesson plans

Vocabulary.com

Adaptive learning for English vocabulary

Emmersion

Fast and accurate language certification

Thesaurus.com

Essential reference for synonyms and antonyms

Dictionary.com

Comprehensive resource for word definitions and usage

SpanishDictionary.com

Spanish-English dictionary, translator, and learning resources

FrenchDictionary.com

French-English dictionary, translator, and learning

Ingles.com

Diccionario ingles-espanol, traductor y sitio de apremdizaje

ABCya

Fun educational games for kids