Which of the following best represents the idea of price elasticity?
Which of the following best represents the idea of price elasticity?
- If I raise volumes by 10%, by how much does the price adjust?
- If I raise the price by 1%, by how much does demand drop?
- If I drop the price by 1%, by how much does demand drop?
- If I drop volumes by 10%, by how much does the price adjust?
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