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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
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4.1. Own-Price Elasticity of Demand
n the elasticity of y with respect to x is defined to be the percentage change in y divided by the percentage change in x, or %∆y/%∆x. In the case of own-price elasticity of demand , that measure is10 Equation (23)  <span>Edpx=%ΔQdx%ΔPx Notice that this measure is independent of the units in which quantity and price are measured. If, for example, when price rises by 10 percent, quantity demanded falls by 8


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