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5.Elasticity

5.Elasticity

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Published by saumya.nanda5567
elasticity
elasticity

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Published by: saumya.nanda5567 on Mar 18, 2009
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05/10/2014

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Copyright © 2004 South-Western
55
Elasticity and ItsApplications
 
Copyright © 2004 South-Western/Thomson Learning
Elasticity . . .
… allows us to analyze supply and demandwith greater precision.… is a measure of how much buyers and sellersrespond to changes in market conditions
 
Copyright © 2004 South-Western/Thomson Learning
THE ELASTICITY OF DEMAND
 Price elasticity of demand 
is a measure of howmuch the quantity demanded of a goodresponds to a change in the price of that good.Price elasticity of demand is the percentagechange in quantity demanded given a percentchange in the price.

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