What does the PED mean if it is Greater than 1 or Lower than -1 PED > 1 OR PED < -1

-This means the Demand is Elastic. Elastic Demand means that a Change in Price leads to Larger Change in Quantity Demanded. Gets more Extreme as the PED gets Larger or Smaller -On a Diagram, it wouldn’t look Steep which shows off how little Price Changes cause Greater Quantity Demanded Changes