PED: How Price Changes Impact Total Revenue

This video focuses on how the price elasticity of demand values provide insights into how price changes impact total revenue. If the PED value is elastic (more than 1) price increases will result in lower total revenue. If the PED value is inelastic (less than 1) price increases will result in higher total revenue. If the demand curve is elastic over the price ranges, we are saying demanders are generally responsive to price changes. If the demand curve is inelastic over the price ranges, we are saying demanders are generally not responsive to price changes. This video is made for 1st year college students or AP/IB Economics students. It focuses on foundational economic concepts.

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