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Chapter 04_Elasticity - ELASTICITY CHAPTER 4 Predicting...

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ELASTICITY 4 CHAPTER
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Predicting Prices How responsive demand and supply are to price and other influences on buying plans and selling plans? Concept of elasticity. How to calculate, interpret, and use elasticity.
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Price Elasticity of Demand Price elasticity of demand: responsiveness of quantity demanded of a good to a change in its price when all other factors remain the same. X product of price in change % X product of demanded quantity in change %
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