1. Define price elasticity of demand using the book's definition. Now explain elasticity as though you were explaining it to your 10 year old sister. You can use quotes or dialogue if that feels easier to you. Use an example in your explanation that is not included in the text. а.
1. Define price elasticity of demand using the book's definition. Now explain elasticity as though you were explaining it to your 10 year old sister. You can use quotes or dialogue if that feels easier to you. Use an example in your explanation that is not included in the text. а.
Chapter1: Making Economics Decisions
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Transcribed Image Text:1. Define price elasticity of demand using the book's definition.
а.
Now explain elasticity as though you were explaining it to your 10 year old sister. You can use quotes or
dialogue if that feels easier to you. Use an example in your explanation that is not included in the text.
2. What are the four rules of thumb about what influences the price elasticity of demand?
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