Answer to Question #348583 in Macroeconomics for Sam

Question #348583

When demand I elastic in the current price range?


1
Expert's answer
2022-06-06T15:12:39-0400

Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its price. A good is elastic if a price change causes a substantial change in demand or supply. A good is inelastic if a price change does not cause demand or supply to change very much.


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