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PED & YED - Coggle Diagram

- - - - Products with strong brand loyalty and reputation
        
        Price inelastic
    - - Lots of alternatives
        
        Price elastic
    - - Products that are demanded and consumers as a matter of habit tend to be price inelastic
    - - The more necessary the product, the more demand tends to be inelastic
    - - In the short-run, price changes tend to have less impact on demand than longer periods
  - - - Change in demand is more than change in price
      - Revenues would increase with a price cut
      - Overall revenues would fall with a price increase
  - - - Change in demand is less than change in price
      - Revenues would increase with a price increase
      - Revenues would decrease with a price cut
  - - - Change in price = change in demand
- - - - Superior goods are available
        
        As consumer has the money to buy it
      - Low-priced own label foods in supermarket
  - - - Income inelastic
        
        Demand is rising less than proportionate to income
    - - Income elastic
        
        Demand rises more than proportionate than a change in income