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Percentage Increase
calculates the rate at which a quantity grows over a period, expressed as a fraction of its original value.
Elastic
Describes a scenario where a small change in price leads to a large change in quantity demanded or supplied.
Inelastic
describes a situation where the demand or supply for a good is not significantly affected by changes in price.
Relatively Elastic
Describes a situation where demand for a product is sensitive to changes in its price, meaning consumers will significantly reduce or increase their demand based on price changes.
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