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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 905 |
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IF the elasticity is low a large change in price will lead to a small change in supply.
Price Elasticity = % ? in Quantity Demand / Supply
% ? in Price
Cross Price elasticity: This is a measure of whether goods are substitute or complementary goods. It shows that responsiveness in demand for supply for one produce to the change in price of another...
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It shows that responsiveness in demand for supply for one produce to the change in price of another.
Cross Price Elasticity = % ? in Quantity Demand / Supply for good X
% ? in Price for good Y
Income Elasticity: Income elasticity is a measure of the responsiveness of quantity demand or supply to the change in income...
Essay fragment
General points of the essay
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