ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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What is elastic demand? What is inelastic demand?

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When the initial price is high and the initial quantity is low, the percentage change in quantity exceeds the percentage change in price, making demand elastic.

When the elasticity of demand is >1, the demand is elastic 

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