Price Elasticity of Demand (PED) is a crucial concept in economics that measures the responsiveness of quantity demanded to changes in price. It's represented by the formula PED = (% Change in Quantity Demanded) / (% Change in Price).

BookMyEssay provide For instance, if a 10% increase in the price of a good leads to a 20% decrease in quantity demanded, the PED would be 20%/10% = 2. This indicates that the good is relatively elastic, meaning consumers are highly responsive to price changes.

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