Price Elasticity of Demand (FULL EXPLANATION)-Ped-part 1

#PED #elastic #inelastic #perfectlyelasticdemand #elasticdemand #unitdemandelasticity #inelasticdemand #perfectlyinelasticdemand

Objectives:
• define PED
• calculate PED using the formula
• interpret PED figures, recognising the difference between:
perfectly elastic demand
elastic demand
unit demand elasticity
inelastic demand
perfectly inelastic demand

You can follow using the following books:
Book 1: Complete Economics for Cambridge IGCSE & O LEVEL- 3rd edition- Brian Titley-Sir Dan Moynihan-Unit 2.7
Book 2: Cambridge IGCSE & O LEVEL Economics by Susan Grant- Chapter 11