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It is generally negative but Giffen goods have a positive price elasticity of demand. The income elasticity of demand is positive but less than 1 for normal goods. The price elasticity of demand is defined to be the percent change in quantity divided by the percent change in price. If a good has an elasticity of demand greater than 1 in absolute value we say that it has an elastic demand. If the elasticity is less than 1 in absolute value we say that it has an inelastic demand. And if it has an elasticity of exactly −1, we say it has unit elastic demand. Only goods which do not conform to the law of demand, such as Giffen goods, have a positive elasticity.
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