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Elasticity of demand refers to how much demand for a good or service will change based on changes to supply and price. Again, without getting into elaborate codicils to the definition, think of what happens when there is a shortage of a basic device Apple. Without looking up the data, I recall reading that a 1% change in demand might require a 10% change in the price (to bring into balance supply and demand).Elasticity of demand refers to how much demand for that good or service will change, depends on changes to supply and price. Again, without having to get in the codicils complex definition think what happens when there is a shortage of basic equipment, Apple. Without looking at it, I remember reading that a 1% change in demand that may require changes to the 10% of the price (to be brought into balance supply and demand.)
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