Year 12 Recap - PED
We have reached day 4 of our Year 12 recap already and we are moving in to the territory of elasticity.
If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.
Price Elasticity of Demand is a good place to start with elasticity! PED measures how responsive demand is to a change in price. This is a key bit of information for businesses and economists to understand as it governs the extent of changes in market outcomes in response to changing market conditions.
Here Jacob guides you around PED:
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