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lectur16-page3 - 2 Therefore very sensitive to price...

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3 Demand Curves Show How Sensitive Consumers are to Price Changes P Quantity Demanded/unit time Demand Relatively elastic 1. Quantity demanded is affected very much by price changes.
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Unformatted text preview: 2. Therefore very sensitive to price changes. 3. Many substitutes, long period of time, and large proportion of budget. 4. ∆ Q is greater than the ∆ P....
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