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Elasticity and Its Applications (Chapter 4)
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Elasticity and Its Applications (Chapter 4)
The Price Elasticity of Demand
- elasticity - a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
- price elasticity of demand - a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price
- price elasticity of demand = percentage change in quantity demanded / percentage change in price
- total expenditure - the amount paid by buyers, computed as the price of the good times the quantity purchased
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- Mind Map on Elasticity and Its Applications (Chapter 4), created by franvmiller on 04/02/2016.
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