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factors influencing PED- substitutes, percentage of income, if its habit forming, necessity or luxury, time.
price inelastic demand- between 0 and -1
price elastic demand- between -1 and -infinity.
perfectly price inelastic demand- when PED in equal to 0.
perfectly price elastic demand- when ped is equal to infinity and beyond! booyah!😎😎😎😎
unitary elastic demand- when ped is equal to -1
total revenue- price x quantity.
income elasticity of demand- %change in quantity demanded/% change in real income.
inferior good- YED is negative
normal good- YED is positive
luxury goods YED is above 1.
income elastic demand- when YED is above 1 or below -1.
income inelastic demand- when YED is between -1 and 1.
cross price elasticity of demand- % change in quantity demanded (good x)/ % change in price (good y).
substitute goods- xed is positive.
complementary goods- xed is negative.
unrelated goods- xed is zero.0️⃣
price elasticity of supply- % change in quantity supplied/ % change in price. 💲💰💸🤑
factors affecting pes- availabiltiy of stockpiles, perishability, state of the economy and levels of spare capacity, entry of firms, ease of factor substitution.
price inelastic supply- between 0 and 1
price elastic supply- between 1 and infinity.
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