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Elasticities 1. price elasticity of demand (Chapter 6, 7th edition) Law of Demand A business firm does not care whether more demand comes from James Bond or from the First Lady unless they are trendsetters. The firms are concerned with the market ...
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Market Demand: Market demand describes the demand for a given product and who wants to purchase it. This is determined by how willing consumers are to spend a certain price on a
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Living Economics: Supply and demand (transcript)
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