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SM_Econ_04_Micro_ch04

By Floyd Greene,2014-09-05 03:26
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An s we r s t o t h e R e v i e w Qu i z z e s Page 92 1. Why do we need a units-free measure of the responsiveness of the quantity demanded of a good or service to a change in its price? The elasticity of demand is a units-free measure. Compare it as a measure of the responsiveness to some other candidate that depends on the units, such ..
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