Write a comprehensive account of price elasticity of demand (PED) to illustrate that you understand the concept. Give 3 examples of a) goods or services with and inelastic PED and b) goods or services with an elastic PED explaining in all cases the implications for producers or suppliers desire to increase revenue.

Chose your own data to draw a price demand curve , describe how it slopes. Use the curve to calculate the PED for the chosen product data. Indicate whether the obtained result indicates whether the product or service chosen has an elastic or inelastic price of demand and why.

Please help

Question

03-12-2022
Business

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Write a comprehensive account of price elasticity of demand (PED) to illustrate that you understand the concept. Give 3 examples of a) goods or services with and inelastic PED and b) goods or services with an elastic PED explaining in all cases the implications for producers or suppliers desire to increase revenue.

Chose your own data to draw a price demand curve , describe how it slopes. Use the curve to calculate the PED for the chosen product data. Indicate whether the obtained result indicates whether the product or service chosen has an elastic or inelastic price of demand and why.

Please help

Sagot :

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