Flashcard (Front and Back)

Front (Question)
e<1
Back (Answer)
  • inelastic
  • less responsive to change in price
    • few substitutes
    • small part of budget


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Other flashcards from Microeconomics 1311
Elasticity       Inelastic       e= % change Qd % change P       e>1       e<1       e=1       slope = change P change Q       Total Revenue       Relationship b/x elasticity and TR e...       Long Run       Short Run            





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