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)

Income Elasticity of Demand (YED)