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Recommended textbook solutions Principles of Economics8th EditionN. Gregory Mankiw 1,333 solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,000 solutions Cambridge IGCSE Business Studies4th EditionKaren Borrington, Peter Stimpson 467 solutions Essentials of Investments8th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 667 solutions When the percentage change in the quantity demanded is greater than the percentage change in price then price elasticity of demand is quizlet?Demand is elastic when the percentage change in quantity demanded is greater than the percentage change in price, So the price elasticity is greater than 1 in absolute value.
When a percentage change in the quantity demanded is larger in absolute value than the percentage change in price it is what type of elasticity?If the absolute value of the elasticity of some product is greater than one, it means that the change in the quantity demanded is greater than the change in price. This indicates a larger reaction to price change, which we describe as elastic.
When the percentage change in quantity demanded is less than the percentage change in price the demand for the good is?Answer and Explanation: 1) When the percentage change in the quantity demanded is less than the percentage change in price, then demand is C. inelastic.
When the percentage change in quantity demanded is greater than the percentage change in price in absolute value then we can say that the demand is?The absolute value of the ratio of the percentage change in quantity demanded to the percentage change in price would be greater than 1. This happens when demand is elastic.
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When the percentage change in price is greater than the resulting percentage change in quantity quizlet?
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