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... i.e. holding constant all the other determinants of demand, ... let be the demand of goods as a function of parameters price and wealth, and let be the demand for good . The elasticity of demand for good with respect to price is. However, ... - read more

Readers Question: What are the major determinants of price elasticity of demand? Elasticity of demand measures the responsiveness of demand to a change in price. Inelastic demand means a change in price causes a smaller % change in demand. - read more

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