null
US
Sign In
Sign Up for Free
Sign Up
We have detected that Javascript is not enabled in your browser. The dynamic nature of our site means that Javascript must be enabled to function properly. Please read our
terms and conditions
for more information.
Next up
Copy and Edit
You need to log in to complete this action!
Register for Free
16462149
Economics- Elasticity
Description
Mind Map Defining and Explaining Elasticity of Demand
No tags specified
ped
yed
xed
11th grade
Mind Map by
charlie miller
, updated more than 1 year ago
More
Less
Created by
Ellis Clague
almost 8 years ago
Copied by
charlie miller
over 5 years ago
4
0
0
Resource summary
Economics- Elasticity
PED- Price Elasticity Of Demand
Formula=Percentage change in quantity demanded Percentage change in price
Always Negative
Less than 1=Price Inelastic More than 1=Price elastic 0=Perfectly Inelastic ∞=Perfectly Elastic -1=Unitary Elastic
Definiton-A measure of the sensitivity of quantity demanded to a change in the price of a good or service.
Factors affecting PED: Availability of subsitutes, Addictiveness of a product, Time, Income spent on good
YED- Income Elasticity Of Demand
Positive= Normal Good
0 to +1= Income inelastic- Goods for which a change in income produces a less than proportionate change in demand
+1 to ∞=Income elastic- Goods for which a change in income produces a greater proportionate change in demand
Negative= Inferior Good
An inferior good is a good that we buy because we have too, this is because we don't have sufficient income to buy better versions of the good
As income rises demand for the product descreases
Formula=Percentage change in quantity demanded Percentage change in consumer income
Definition- A measure of the sensitivity of quantity demanded to a change in consumer incomes
By Charles Miller
Show full summary
Hide full summary
Want to create your own
Mind Maps
for
free
with GoConqr?
Learn more
.
Similar
Elasticity
Niamh Browne
Market research and Customers 3.3.2
Kieran Horswell
Child Growth And Development
Pond Pontiine
Elasticity
eumana
1.2 Elasticity (PED)
Hayle Short
3.2: Cross Price Elasticity of Demand
Jasmine Wells
3.3: Income Elasticity of demand (YED)
Jasmine Wells
3.1: Price Elasticity of Demand
Jasmine Wells
PED
Pema D Lama
Aggression mind-map for A2 AQA Psychology
poeticjustice
Definitions in AS chemistry
Stephen Cole
Browse Library