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Elastic Demand and Price Discounts

Could you please write four paragraphs or so in APA style if your giving me information for another publication, using economic terms and demonstrate with a elastic demand chart concerning Elastic Demand and Price Discounts.

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See the attached graph. Demand curves slope downward for normal goods because people will buy more if the price declines. In fact, you can calculate exactly how much more by the slope of the demand curve. This is calculated as change in quantity divided by the change in price. If this is greater than 1 (the numerator is larger than the denominator), demand is elastic. When elastic demand occurs, a reduction in price increases the quantity demanded so that the ...