Please watch this video prior to starting this topic. Make a note of any questions you have and ask them when your teacher teaches this topic.
Quantitative skills and PED
Now watch this introductory video on Price elasticity of Supply.Â
Essay Question
2. (a) Explain three determinants of price elasticity of demand (PED). [10 marks]
(b) Examine the role of PED for firms making decisions regarding price changes and their effect on total revenue. [15 marks]
Please collaborate on answering this question
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