Unit 2.7 & 2.8 PED & PES

Front

Price elasticity of demand (PED)

Back

the responsiveness of quantity demanded to changes in price

Front

Price elasticity of supply (PES)

Back

the responsiveness of quantity supplied to changes in price

Front

Price elastic demand

Back

the percentage change in quantity demanded is greater than the percentage change in price
[%ΔQ > %ΔP]

Front

Price elastic supply

Back

the percentage change in quantity supplied is greater than the percentage change in price
[%ΔQ > %ΔP]

Front

Price inelastic demand

Back

the percentage change in quantity demanded is lower than the percentage change in price
[%ΔQ < %ΔP]

Front

Price inelastic supply

Back

the percentage change in quantity supplied is lower than the percentage change in price
[%ΔQ < %ΔP]

Front

Unit elastic demand

Back

the percentage change in quantity demanded is the same as percentage change in price
[%ΔQ = %ΔP]

Front

Unit elastic supply

Back

the percentage change in quantity suupplied is the same as percentage change in price
[%ΔQ = %ΔP]

Front

short run

Back

an amount of time that is less than what is required for a firm to be able to expand and increase all of the factors of production. It is when at least one of the factors of production cannot be changed.

Front

long run

Back

the time it takes to change the factors of production to expand and produce on a larger scale