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Elasticity in econ

different effects of elasticity for econ1020

TermDefinition
e= -infinity perfectly elastic
e=0 perfectly inelastic
e<1 inelastic
e=1 unit elastic
e>1 elastic
Elasticity change in q/p x p/q
Elasticity % %q/%p
Cross price elasticity +^^ - opp
income elasticity + normal, - inferior
profit Pq-cq
total rev pq
Created by: Hdu124
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