I. 🍃Introduction
- Definition of price elasticity of demand (PED)
- Importance of understanding PED for firms

II. Price-elastic demand
- Definition and explanation
- Effects on revenue
- Close substitutes

III. Price-inelastic demand
- Definition and explanation
- Effects on revenue
- Lack of close substitutes

IV. Unit price elasticity of demand
- Definition and explanation
- Effects on revenue
- Difficulty in calculating PED

V. Factors firms may use to determine price
- Other than PED
- Examples

VI. 👉Conclusion
- Importance of understanding PED for firms
- Summary of key points