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Refer to the following breakdown of responses to a survey of room cleanliness in a hotel. Draw a bar graph that illustrates the frequency table above.
Price Elasticity
A measure of how much the quantity demanded of a good changes in response to a change in its price, indicating how sensitive consumers are to price changes.
Elastic Section
Part of a demand curve where a small change in price leads to a relatively large change in quantity demanded, indicating high price sensitivity.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good demanded by consumers.
Perfectly Inelastic
A market condition where the quantity demanded or supplied does not change regardless of a price change.
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