Chapter 4 - Consumer and Producer Surplus
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Last updated 4:17 AM on 2/5/25
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4 Terms
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Elastic
The quantity demanded changes significantly when price changes
If small change in price causes large change in quantity demanded, demanded is elastic
Elasticity coefficient (PED) for elastic demand is greater than 1
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Inelastic
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balnk
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kfnf
Note 
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