Price elasticity of demand is calculated as the ratio of change in demand to the ratio of change in price. So if the demand changes -5% when the price changes 100%, the PED = -5% / 100% = -0.05. Most good have a PED < 0, since demand typically decreases when the price is increased.
<h2>The Domain and Range of a Set of Ordered Pairs</h2><h3>Answer:</h3>
Domain:
Range:
<h3>Step-by-step explanation:</h3>
We are given the set of ordered pairs: . The Domain is just the set containing all the values of each ordered pair of . Recall that in the ordered pair , is the value. In set , we can see that the values are .
For the Range, it is just the set containing all the values of each ordered pair of . Recall that in the ordered pair , is the value. In set , we can see that the values are .