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ELASTICITY (INCOME ELASTICITY IN DEMAND. (Types of Goods (NORMAL GOOD,…
ELASTICITY
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ELASTICITY OF SUPPLY.
PRICE ELASTICITY OF SUPPLY measures the QUANTITY SUPPLIED of goods that RESPONDS to changes of the PRICE of a good
KEYWORDS: PRICE ELASTICITY OF SUPPLY, QUANTITY SUPPLIED, RESPONDS, PRICE
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- supply is more elastic in the LONG RUN than in the short run
ELASTICITY OF DEMAND.
PRICE ELASTICITY OF DEMAND measures the QUANTITY DEMANDED of goods that RESPONDS to changes of the PRICE of a good
KEYWORDS: PRICE ELASTICITY OF DEMAND, QUANTITY DEMANDED, RESPONDS, PRICE