Price Elasticity of Demand (PED) | 60 Second Business — Transcript
Full transcript
- 0:00let's spend 60 seconds on price
- 0:02elasticity of demand price elasticity of
- 0:05demand or pad measures how sensitive
- 0:07demand is to price changes
- 0:10the pet coefficient is calculated by
- 0:12dividing the percentage change in
- 0:13quantity demanded by the percentage
- 0:15change in price for example a pad
- 0:18coefficient of minus 0.8 means that
- 0:21every one percent increase in price
- 0:23quantity demanded will fall by 0.8
- 0:26percent
- 0:27demand is price inelastic when ped is
- 0:30less than one which means a price change
- 0:32has a smaller effect on quantity
- 0:34demanded Necessities or strongly branded
- 0:37Goods often have a paired of less than
- 0:39one
- 0:40demand is price elastic when ped is
- 0:43greater than one meaning a price change
- 0:45has a greater effect on quantity
- 0:47demanded examples include products with
- 0:49many Alternatives like holidays and
- 0:52streaming services
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