Difference between revisions of "Elastic demand"
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(Created page with "Demand is said to be elastic when the absolute value of the elasticity of demand is greater than one. Elastic demand implies small changes in price are ...") |
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| − | Demand is said to be elastic when the absolute value of the [[ | + | Demand is said to be elastic when the absolute value of the [[Elasticity of demand|elasticity of demand]] is greater than one. Elastic demand implies small changes in price are associated with relatively larger changes in quantity demanded by the market. |
Revision as of 17:56, 8 January 2013
Demand is said to be elastic when the absolute value of the elasticity of demand is greater than one. Elastic demand implies small changes in price are associated with relatively larger changes in quantity demanded by the market.