Price Elasticity of Demand
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What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in turn have on room rates?
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This explains the concept of price elasticity of demand with the help of example.
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The Price Elasticity of Demand measures the rate of response of quantity demanded due to a price change. The formula for the Price Elasticity of ...
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