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Summary A level Economics (AQA) Price Elasticity Revision Notes

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Summarised notes on the topic of price elasticity, also contains information on income and cross elasticity.

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Study Level: A/AS Level
Examinator: AQA
Subject: Economics
Unit: Price determination in a competitive market

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Uploaded on: June 3, 2024
Number of pages: 1
Written in: 2023/2024
Type: Summary

Subjects

price elasticity
microeconomics
a level economics
economics
graphs
income elasticity
cross elasticity

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Price elasticity of demand Price elasticity of demand is
how demand changes in
Perfectly elastic response to a change in price.
demand
Factors affecting PED:
Luxury/necessity.
PED > 1 = Elastic
Proportion of income
PED < 1 = Inelastic
spent.
PED = 1 Unitary
Availability of substitutes.
Time period.

Perfectly inelastic Relatively elastic
ELASTICIT
Cross elasticity of dema

Relatively inelastic Cross elasticity of demand is how
demand for a product changes in Between -1 and +1, demand i

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Summary A level Economics (AQA) Price Elasticity Revision Notes

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