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If the absolute price elasticity of demand for a product is equal to 1, then

mbowdish

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If the absolute price elasticity of demand for a product is equal to 1, then

If the absolute price elasticity of demand for a product is equal to 1, then

• the absolute price elasticity of demand is inelastic and consumers are relatively sensitive to price changes.

• the absolute price elasticity of demand is elastic and consumers are relatively insensitive to price changes.

• the absolute price elasticity of demand is unit-elastic and the percentage change in quantity demanded equals the percentage change in price.

• the absolute price elasticity of demand is inelastic and consumers are relatively insensitive to price changes.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

Read 54 times

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n00835996

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More solutions for this book are available here

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mbowdish Author

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Good timing, thanks!

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