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Summary IGCSE Edexcel economics - 6. Price elasticity of demand

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This document is a summary of price elasticity of demand for IGCSE Edexcel Economics. It explains the factors that influence PED and the formula needed to calculate it. Perfect for students, educators, and professionals looking for a clear, structured overview.

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GCSE
Module
Economics








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Rob Jones Pearson Edexcel International GCSE (9-1) Economics Student Book Ebook
  • 2020
  • 9781292326535
  • Unknown

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Institution
GCSE
Study
GCSE
Module
Economics
School year
1
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Summarized whole book?
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Which chapters are summarized?
Microeconomics - 1.1.6 price elasticity of demand
Uploaded on
March 8, 2025
Number of pages
4
Written in
2024/2025
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Summary

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6. Price elasticity of demand

Price elasticity of demand : the responsiveness of demand to a change in
price.

Inelastic demand : change in price results in a proportionately smaller
change in the quantity demanded.

Elastic demand : change in price results in a greater change in the quantity
demanded.


Formula for PED:
PED = % change in quantity/% change in price




Numerical values of PED:




Inelastic : value of PED is less than 1 (fraction or decimal)




6. Price elasticity of demand 1

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