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Unit 2.5(1): Price elasticity of demand (PED)

Elasticity is an economic concept based on change. It measures how consumers and producers respond to changes in variables that affect demand and supply. Elasticity is important because it allows us to analyse what happens to demand and supply in markets when change occurs and to evaluate its consequences. The link to the attached pdf is revision material from Unit 2.5(1): Price elasticity of demand (PED). The...

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