Economics class notes
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feb15.md 314B

February 15

Worksheet

  1. The elasticity of demand is higher in the long run because consumers have MORE time to adjust.
  2. An Elasticity of 1.0 or greater = elastic demand
  3. An Elasticity of exactly 1.0 = unit elastic demand
  4. An Elasticity of between 0 and 1.0 = inelastic demand