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Purpose of Price Elasticity

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Can you explain the point of price elasticity?

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https://brainmass.com/economics/principles-of-mathematical-economics/purpose-price-elasticity-515728

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The point of price elasticity is to allow economists to determine how a change in price affects customer demand. This is performed by a mathematical calculation, and the answer to the calculation tells us how the price change has specifically affected demand. I can't copy the equation into this box, but you can see it here: ...

Solution Summary

This solution explains the point of price elasticity. A detailed explanation is provided.

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