price elasticitya measure of the change in demand, Microeconomics

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price elasticitya measure of the change in demand

Price Elasticity

A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater than the percentage change in price there is the response to a change in price is said to be elastic.

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Microeconomics: price elasticitya measure of the change in demand

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Microeconomics: price elasticitya measure of the change in demand

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