1.1-2.5 IB Econ Review

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Differentiate between perfectly inelastic and perfectly elastic demand. (what do the graphs looks like, values of PED, what does it mean?)

Perfectly inelastic = vertical demand curve, PED = 0, single quantity demanded

The formula for PED is...

% change in quantity demanded / % change in P

Distinguish between the circular economy and the linear economy.

Take, make, waste vs. make, use, recycle (in a cycle)

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