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10 cards from this deck
Measures how sensitive one variable is to changes in another
% change in quantity demanded% change in price\frac{\% \text{ change in quantity demanded}}{\% \text{ change in price}}% change in price% change in quantity demanded
Price elastic demand
Price inelastic demand
Availability of substitutes
Total revenue rises
Positive (demand increases as income rises)
Negative (demand falls as income rises)
Positive
Negative
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