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1 Answer
- OiyLv 77 days ago
The price elasticity means a 1% increase in price will affect ...% of quantity demanded. If it is high, it will be more than 1. So the 1% price increase will cause a decrease in quantity demanded more than 1%. In economics, it is called elastic demand. The same thing is the high income elasticity. A 1 % increase in income will cause an increase in quantity demanded more than 1%. The mountain dews are highly elastic than salt. Meat has higher elastic than bread.
