Summary
Summary A level Economics (AQA) Price Elasticity Revision Notes
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- AQA
Summarised notes on the topic of price elasticity, also contains information on income and cross elasticity.
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Price elasticity of demand Price elasticity of demand ishow 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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