the percentage change in quantity demanded is greater than the percentage changes in price.  - Elastic demand, the percentage change in quantity demanded is less than the percentage change in price. Luxury/addiction  - Inelastic demand, The responsiveness of quantity demanded to a change in the price of the product. - Price elasticity of demand (PED), Price rises causes small change in quantity - PED is inelastic -> 0 to -1, Price changes leads to large change in quantity - PED is elastic -> -0.1 to infinity, A product that has an exact value of -1 - Unitary elastic, Demand curve slopes downwards -> follows the law of demand  - PED minus sign , perfectly inelastic - PED = 0 , perfectly price elastic  - PED = infinity , quantity is greater than the change in price, so total revenue increases.  - Total revenue> if price decreases (elastic), the change in quantity is greater than the change in price, so total revenue decreases - Total revenue > if price increases/elastic , then the change in quantity is less than the change in price, so total revenue decreases.  - Total revenue > if price decreases/inelastic  , the change in quantity is less than the change in price, so total revenue increases.  - Total revenue > if prices increase/inelastic ,

PED GCSE OCR

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