Question

Person X came back to Person Y and told him that the PED that he provided...

Person X came back to Person Y and told him that the PED that he provided were all in the wrong units of measurements (e.g. different currencies etc.) and wants him to redo them again. Does Person Y make any changes to the calculations/ figures or no change?

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Answer #1

PED stands for Price elasticity of demand. The price elasticity of demand can be measured using the following formula

Thus, it is a ratio of % change in quantity over % change in price. As we know ratio is unitless.

As it is mentioned in the question that he has provided wrong unit of measurement. And he has used for example different currencies. Thus, he has to use cross elasticity of demand instead of PED.

Cross elasticity of demand can be measured as

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