Elasticity of demand/Definition: Difference between revisions
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The percentage change in the amount of a product that is demanded that is caused by a unit percentage change in its price. | The percentage change in the amount of a product that is demanded that is caused by a unit percentage change in its price. | ||
Latest revision as of 22:24, 22 May 2008
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Elasticity of demand [r]: The percentage change in the amount of a product that is demanded that is caused by a unit percentage change in its price.