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[ah_heng]

Elasticity of Demand is the measure of the degree of sensitivity of percentage change in quantity demanded with respect to a percentage in price.

When Elasticity of Demand >1, we say that demand is relatively elastic
When Elasticity of Demand =1, we say that demand is unit elastic.
When Elasticity of Demand <1, we say that demand is relatively

Comments

[shristine]

has your blog become a space to reiterate what you studied? :)
anyway, goodluck for the exam! :) you can do it! :)