Quiz Answers
1. PED = %Change in QD / %Change in Price 2. The price elasticity of demand is the responsiveness (how they change their demand) of consumers to a change in the price of a good. 3. The good is inelastic 4. Perfectly Elastic = -Infinite; Perfectly Inelastic = 0; Unit Elastic = 1; A value Read more about Quiz Answers[…]