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Chapter 20 - Demand And Supply: Elasticities And ApplicationsChapter 20 Key Terms McConnell and Brue 14th Edition
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When the demand for the product changes exactly in proportionate change to the change in prices the elasticity coefficient is?According to the types of elasticity of demand, when the change in the quantity demanded is exactly proportionate to the change in the price, the elasticity of demand will be equal to one.
When the proportionate change in quantity demanded is to equal to proportionate change in price it is called?When percentage change in quantity demanded is equal to the percentage change in price, the elasticity of demand is unitary elastic.
When the proportionate change produced in demand is greater than the proportionate change in price of a product?Relatively elastic demand refers to the demand when the proportionate change in the demand is greater than the proportionate change in the price of the good. The numerical value of relatively elastic demand ranges between one to infinity.
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