PRICE ELASTICITY OF DEMAND:

*** Always remember that changes in price of a good causes a movement

along the Dd Curve, any other changes in the factors od Dd causes either a
Rightward or Leftward shift in the Dd Curve, ceteris paribus.

BY definition Price Elasticity of Demand or P.E.D. measures the degree of

responsiveness of the demand for a product due to a change in the price of the
said or given product.

PRICE ELASTICITY OF SUPPLY:

*** Always remember that changes in the price of the good causes
movements along the Supply Curve any other changes in any other condition
of supply causes either a rightward or leftward shit in the supply curve ceteris
paribus.

*** another important point to note is that a greater quantity of a good will be
supplied at a higher price than at a lower one, this is primarily based upon the
assumption that the main motive of private firms is profit maximization.