lectur16-page2 - 2 Therefore not very sensitive to price...

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2 Demand Curves Show How Sensitive Consumers are to Price Changes P Quantity Demanded/unit time Demand Relatively inelastic 1. Quantity demanded is not affected very much by price changes.
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Unformatted text preview: 2. Therefore not very sensitive to price changes. 3. Not many substitutes, short period of time, and small proportion of budget. 4. ∆ Q is not as great as the ∆ P....
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