Determinants of price elasticity

IB Economics: Determinants of price elasticity

This lesson continues the section on price elasticity of demand and considers the factors that determine the price elasticity of different products.What determines the responsiveness of a product to changes in price?Lesson time: 1 hourLesson objectives:Understanding the determinants of PED, including the number and closeness of substitutes, the degree of necessity, time and the proportion of income spent on a good or...

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