write short notes on the price elasticity
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Explanation:
Generally as rules of thumb, if the quantity of a good demanded or purchased changes more than the price change, the product is termed elastic. (The price changes by +5%, but the demand falls by -10%)
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price elasticity of demand is an economic measure of the change in quantity demanded are purchased office product in relation to with price exchange .
price elasticity is used by economist to understand how supply and demand changes given changes in price to understand the workings of the real economy. for instance some good are very inelastic that is their prices do not change very much given changes in supply and demand, for example people need to buy gasoline to get to work a travel around the world
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