The 5 Categories of Price Elasticity of Demand
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List the 5 categories of price elasticity of demand, and explain the differences between them.
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Solution Summary
Discusses the 5 categories of price elasticity of demand.
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The five categories of price elasticity of demand are:
1. Elastic demand
2. Inelastic demand
3. Unitary demand
4. Perfectly Elastic demand
5. Perfectly inelastic demand
Elastic demand is demand that increases or decreases as the price of an item goes up or down. It is more likely to be affected by circumstances. For example demand for most luxury items is fairly elastic for middle ...
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