A great article from the Guardian that shows how the concept of PED can be applied in the real world
http://business.guardian.co.uk/story/0,,2103615,00.html
a)What will happen to demand for the FT ans WSJ following the price rise?
b) Why then are the 2 firms raising the selling price?
c) What do the firms believe will happen to their toal revenue from newspaper sales?
d) Is demand for these newspapers therefore elastic or inelastic?
e) Which of the factors that effects elasticity are applicable in this case?
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