The secret to scoring awesome grades in economics is to have corresponding awesome notes.
A common pitfall for students is to lose themselves in a sea of notes: personal notes, teacher notes, online notes textbooks, etc... This happens when one has too many sources to revise from! Why not solve this problem by having one reliable source of notes? This is where we can help.
What makes TooLazyToStudy notes different?
are clear and concise and relevant
is set in an engaging template to facilitate memorisation
cover all the important topics in the O level, AS level and A level syllabus
are editable, feel free to make additions or to rephrase sentences in your own words!
Looking for live explanations of these notes? Enrol now for FREE tuition!
Demand is said to be price elastic if there is a relatively large change in the quantity demanded of a product following a change in its price: that is, buyers are very responsive to changes in price.
If the PED for a product is greater than 1 (ignoring the minus sign), then demand is price elastic.
This is because the percentage change in quantity demanded is larger than the percentage change in the price of the product
Demand is elastic between points a and b.
A rise in price from $4 to$5 causes a proportionately larger fall in quantity demanded: from 20 units to 10 units.
Total expenditure falls from $80 (the blue area) to $50 (the pink area).