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Essay example - Economic of Apples over Price
Pages 2 (502 words)
If price increases by 1% and consumers respond by decreasing purchases by 2%, the equation computes the elasticity coefficient as -2. The result is negative because the law of demand, defined later, is so. The result tells the demand is elastic and market reacts sharply to the price increase…
Extract of sample
So the price elasticity is always negative
I completed my Bachelors in Commerce last academic year. The choices in front of me to continue my studies were Masters in Commerce of Masters in Business Administration. I opted for Master in Business Administration. My next best alternative was Masters in Commerce.
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