joel7034 joel7034

08-02-2020
Physics

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If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of demand of the DVD for the movie The Hangover should be

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Manetho Manetho

09-02-2020

Answer:

greater than 0.8 in absolute value

Explanation:

Price elasticity demand (PED) is a tool used in economics to show the responsiveness or elasticity of the quantity demanded of a good or service to increase in its price when nothing but the price changes. So if the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of demand of the DVD for the movie The Hangover should be greater than 0.8 in absolute value.

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