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Sagot :
The price elasticity of demand measures by what percent the quantity demanded will change following a 1% price increase.
What is the price elasticity of demand?
The price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
For example if price increases by 10% and quantity demanded decreases by 20%, the price elasticity of demand would be 2.
To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846
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