elasticity Flashcards by ravjot bains

Q

what is elastic

A

if e(p) is greater than 1

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Q

what is unitary

A

if e(p) is equal to 1

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Q

what is inelastic

A

if e(p) is less than 1

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Q

basic formula for elasticity of demand

A

p x f’(p) / f (p)

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