What is price elasticity of demand?, measure of the extent to which price changes when the quantity demand changes, measure of the extent to which price changes when total revenue changes, measure of the extent to which quantity demand changes when price changes, If PED is -0.3, then it is, perfectly elastic, perfectly inelastic, elastic, inelastic, If PED is -2, then it is, perfectly elastic, perfectly inelastic, elastic, inelastic, If PED is -1 , then it is, perfectly elastic, perfectly inelastic, unitary elastic, inelastic, If PED is 0 , then it is, perfectly elastic, perfectly inelastic, unitary elastic, inelastic, If PED is infinite , then it is, perfectly elastic, perfectly inelastic, unitary elastic, inelastic, If a product has many close substitutes, it is, perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, If a product is addictive, it is, perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, If a product take small proportion of income , it is, perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, if PED is elastic, change in price and total revenue, does not change, change the same percentage, move in same direction, move in opposite direction, if PED is inelastic, change in price and total revenue, does not change, change the same percentage, move in same direction, move in opposite direction, if PED is unitary elastic, change in price and total revenue, total revenue does not change, change the same percentage, move in same direction, move in opposite direction

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