Question
When the Proportionate change in demand is more than the
Proportionate Change in prices, the demand is known asSolution
AnĀ elasticĀ variable (with elasticity value greater than 1) is one which responds more than proportionally to changes in other variables. In contrast, anĀ inelasticĀ variable (with elasticity value less than 1) is one which changes less than proportionally in response to changes in other variables.Ā
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