Elasticity

Price Elasticity of Demand (PED)

The Ranges in Value of PED

Perfectly Inelastic Demand
PED = 0
Perfectly Elastic Demand (PED = ∞)
Unitary Elastic (PED = 1)
Elastic Demand
(PED = Greater than 1)
Inelastic Demand
(PED = less than 1)

Try this interactive practice on PED

Challenge yourself by graphing PED and analysing consequences

Income Elasticity of Demand (YED)

YED in 60 Seconds

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