Economics - Price Elasticity of Demand
The four key concepts in this simulation focused on the following:
The percent change in demand quantity can be more or less than the change in its price. Relative elasticity/inelasticity of demand indicates whether the percent change in demand quantity is less than percent change in price. In the long-term, demand for any product tends to be more "price elastic" due to the availability of substitutes. Elasticity of Demand also indicates whether revenue will increase or decrease.
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