Explain the term relatively inelastic demand
Explain the term relatively inelastic demand.
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Relatively inelastic demand:
Now there quantity demanded changes less than proportionate to variation in price. A huge change in price leads to small change within demand. In SUCH case demand curve will be steeper as well as ep<1.
What are the external factors in governing prices?
Illustrates the role of cost in pricing?
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Illustrates the Modern Definition?
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How is the Demand forecasting important?
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