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Elasticity (PED & PES) - Coggle Diagram
Elasticity (PED & PES)
Price Elasticity of Demand
Definition
Calculating PED
Factors Affecting PED
Number & Closeness of Available Substitutes
Proportion of Income Spent On Good
Time Period
|PED| = 0
0 < |PED| < 1
|PED| > 1
|PED| = ∞
Price Elasticity of Supply
Definition
Calculating PES
Factors Affecting PES
Time Period
Behavior of Marginal Costs As Output Changes In Response To Price Changes
How the good is defined
PES > 1
0 < PES < 1