If the Percentage Change in Quantity Is Less Than the Percentage

question 241

True/False

If the percentage change in quantity is less than the percentage change in price, demand is said to be price inelastic.

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Definitions:

Recalculated Results

The updated outcomes that occur after modifying data in a spreadsheet or database, causing formulas or functions to re-evaluate.

Scenario Manager

A tool in Excel that allows the user to create and save multiple sets of inputs to easily compare different scenarios.

Changing Values

The process of updating or modifying the contents or settings of a variable, field, or parameter in a program or database.

Data Model

An abstract model that organizes data elements and standardizes how they relate to one another and to properties of the real world.