Calculation of PED using the formula and interpreting the significance of the result.
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Drawing and interpretation of demand curve diagrams to show different PED.
The key influences on whether demand is elastic or inelastic. -
The relationship between PED and total spending on a product/revenue, both in a diagram and as a calculation.
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The implications for decision making by consumers, producers and government.
Supply and demand review doc
Questions and suggested solutions
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