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8 March, 22:13

If the price-elasticity coefficient for a good is 1.75, the demand for that good is described as

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  1. 8 March, 22:35
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    The demand for that product is described as elastic.

    A product is considered elastic if the demand for that product could be influenced by the change of price in that product.

    Any product that has the price-elasticity coeffcient >1 could be considered as an 'elastic' product.
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