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Lecture

Elasticity Miscellany.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Elasticity Miscellany Elasticity and the Definitions of Goods - Size of the elasticity is a reflection of the degree to which substitutes exist for the good: high numbers mean more elastic and substitutes - Elastic demand: lots of substitutes. Large budget shares - Inelastic demand: Small number of substitutes. Small budget shares
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