When interpreting the ed value as either elastic or inelastic, we look at the?

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09-11-2017
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When interpreting the ed value as either elastic or inelastic, we look at the?

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Kalahira Kalahira · Answer 1 · 2017-11-20T20:09:23+01:00

Kalahira Kalahira

20-11-2017

We look at the percent change in price. Elastic goods will lead to people supplying more of the good as the price changes. When the good is inelastic, it is more of a necessity and the product will be supplied at the same rate, regardless of the price of the good.

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