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OpenStudy (anonymous):
how do you calculate elasticity of demand either through given data or a demand supply graph?
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OpenStudy (anonymous):
whats the formula
OpenStudy (anonymous):
u could express it as a matrix
OpenStudy (anonymous):
Remember that EoD is a measure between two points on a graph and not the whole graph itself. It can obviously be different by taking different points on the graph. The formula is % change in demand / % change in price.
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