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9 November, 17:15

What are the three cases for the price elasticity of demand? Briefly define each.

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  1. 9 November, 17:27
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    Demand can be elastic, inelastic, or unit elastic. Elastic demand occurs when the percentage change in quantity demanded exceeds the percentage change in price. Inelastic demand occurs when the percentage change in quantity demanded is less than the percentage change in price. Unit elasticity occurs when the percentage change in price equals the percentage change in demand.
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