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It is the percentage change in quantity demanded in response to a one percent change in price and where all other determinants remain constant. A lower price will attract the buyers of the other substitutes to purchase the commodity. Chapter 7 Elasticity Of Demand And Supply Ppt Download The nu…

A necessity and how narrowly the market is defined. A commodity has a high price elasticity of demand or elastic demand if it can be put into so many uses. Solved 1 Determinants Of The Price Elasticity Of Demand The income of the consumer also affects the elasticity of demand. Determinants of t…

The cross price elasticity of demand coefficient will be a positive number a positive number greater than one d. If demand for a good is unit elastic and price increases then total revenue will stay the same if demand for a good is unit elastic and price decreases the total revenue will. 2 If d…