completed the correlation salt necessary good diamond
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The demand of salt is therefore price-inelastic. Elasticity is often measured in percents. If a 2% increase in price causes people to buy 1% fewer of a product, it has a price elasticity of demand of -0.5
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The demand of salt is therefore price-inelastic.
Elasticity is often measured in percents. If a 2% increase in price causes people to buy 1% fewer of a product, it has a price elasticity of demand of -0.5.
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