Examlex
Pulling together what you have learned throughout this chapter, why would you say it is important for college students to take a public speaking course?
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively expressed as the percentage change in quantity demanded divided by the percentage change in price.
Inelastic
An inelastic good or service has a demand that does not change significantly when its price goes up or down.
Insensitive to Price
A characteristic of demand wherein the quantity demanded by consumers changes very little with a change in the product's price.
Unit Elastic
A situation in economics where the percentage change in quantity demanded is equal to the percentage change in price, resulting in no change in total revenue.
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