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Essay specific features

 

Issue:

Business

 

Written by:

Judith V

 

Date added:

December 1, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

6 / 1636

 

Was viewed:

5985 times

 

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Essay content:

It is measured as elasticity, that is it measures the relationship as the ratio of percentage changes between quantity demanded of a good and changes in its price Interpretation of elasticity Value Meaning n = 0 Perfectly inelastic. 0 > n > -1 Relatively inelastic. n = -1 Unit (or unitary) elastic...
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Goods and services for which no substitutes exist are generally inelastic. Perfectly Inelastic Demand Perfectly Elastic Demand Elasticity and revenue When the price elasticity of demand for a good is inelastic (|Ed| < 1), the percentage change in quantity demanded is smaller than that in price. Hence, when the price is raised, the total revenue of producers rises, and vice versa...
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