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4 July, 21:10

When interpreting the ed value as either elastic or inelastic, we look at the?

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  1. 4 July, 21:30
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    We look at the percent change in price. Elastic goods will lead to people supplying more of the good as the price changes. When the good is inelastic, it is more of a necessity and the product will be supplied at the same rate, regardless of the price of the good.
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