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PED - Coggle Diagram
PED
types
| PED | = ∞
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if price rises, no one will want to buy
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revenue
if PED > 1 (elastic), revenue is gained by reducing price
if PED < 1 (inelastic), revenue is gained by raising price
if PED = 0 (perfectly inelastic) or = infinity (perfectly elastic), no revenue will be gained by changing price
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