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Price elasticity of demand (PED)
PED formula
PED value
Range of PED values
The effects of PED on revenue
PED values and consumer response
Determinants of PED
The number and closelessness of substitutes
The necessity of the product and how widely it is defined
Time period considered
PED on a demand curve
Why does PED vary along a straight line?
Role of PED for firm decision making regarding price changes and their effect on total revenue
PED for primary commodities vs. PED for manufactured products
PED and government policies (Taxation)
Cross price elasticity of demand
XED formula
XED values (Complementary goods vs. Close substitutes)
Why does the absolute value of XED depend on the closeness of the relationship between two goods?
What are the implications of XED for business if prices of complements/substitutes change?
Income elasticity of Demand (YED)
YED equation
YED values
-Normal goods (positive)
-Inferior goods (negative)
Necessity goods vs. luxury goods
YED implications for producers and the economy
Price elasticity of Supply (PES)
PED equation
PES values
Determinants of PES
Time period
Factor mobility
Number of firms
Stocks and Spare Capacity
Length of Production Period
PES of primary commodities vs. manufactured products