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microbook_3e-page45 - x Consumer 2 has a very inelastic...

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Lecture 4 Elasticity Eric Doviak Principles of Microeconomics Shape of the Demand Curve x When prices change, change in quantity demanded depends on shape of demand curve x Consumer 1 has a very elastic demand curve
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Unformatted text preview: x Consumer 2 has a very inelastic demand curve x Elasticity often depends on the good in question: o Elastic : education, alcohol o Inelastic : gas, food, cigarettes, electricity Page 45...
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