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Comm220 Ch 4.pdf

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Department
Commerce
Course
COMM 220
Professor
All Professors
Semester
Fall

Description
CHAPTER 4INDIVIDUAL AND MARKET DEMAND Key Concepts and TopicsElasticity of DemandConsumer Surplus Elasticity of DemandPrice Elasticity of DemandMeasures the percentage change in the quantity demanded resulting from a onepercent change in price PQQQQDE PQPPPPD Inelastic demand ie1EP Q is relatively unresponsive to a price change ie PQDtotal expenditure PQwhen P D Elastic demand ie1EP Q is relatively responsive to a price change ie total PQD when Pexpenditure
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