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10 cards from this deck
Measures how sensitive demand is to price/income changes
How much quantity demanded responds to price change
PED > 1 (demand very responsive to price changes)
PED < 1 (demand not very responsive to price changes)
Bread, fuel, salt (necessities)
How quantity demanded responds to income changes
Revenue falls (customers buy much less)
Revenue rises (customers still buy almost as much)
People need them regardless of price; few substitutes
Luxury goods (demand rises significantly with income)
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