Elastic vs Inelastic Demand
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Elastic vs Inelastic Demand
This video discusses the difference between inelastic and elastic demand, and how to determine whether demand for a good is elastic or inelastic based on its Price Elasticity of Demand. When the Price Elasticity of Demand for a good is greater than one, this means that demand for the good is elastic; consumers are very responsive to a change in ...
70.6K viewsFeb 12, 2017
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