Calculating and Interpreting Price Elasticity of Demand
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Calculating and Interpreting Price Elasticity of Demand
In this video lecture we define price elasticity of demand, learn how the PED coefficient can be calculated from a set of data, and interpret the results of our calculations. We will compare two goods, one for which demand is price inelastic and one for which demand is price elastic.
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Price elasticity of demand Price Elasticity Explained
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