Unit 2.5(1): Price elasticity of demand (PED)

IB Economics: Unit 2.5(1): Price elasticity of demand (PED)

Elasticity is an economic concept based on change. It measures how consumers and producers respond to changes in variables that affect demand and supply. Elasticity is an important because it allows us to analyse what happens to demand and supply in markets when change takes place and to evaluate the consequences of change.The link to the attached pdf is revision material from Unit 2.5(1): Price elasticity of demand...

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