when the percentage change in the price is greater htan the resulting percentage change in quantity demanded,

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31-08-2022
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when the percentage change in the price is greater htan the resulting percentage change in quantity demanded,

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camdynnicole camdynnicole · Answer 1 · 2022-08-31T18:26:55+02:00

camdynnicole camdynnicole

31-08-2022

The price elasticity of supply is given by a similar formula: If the percentage change in quantity demanded is greater than the percentage change in price, demand is said to be price elastic, or very responsive to price changes.

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