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Emphasis: The percentages changes are compared, not the absolute changes.
a. Absolute changes depend on choice of units. For example, a change in the price of a $10,000 car by $1 and is very different than a change in the price a of $1 can of beer by $1. The auto's price is rising by a fraction of a percent while the beer price is rising 100 percent.
b. Percentages also make it possible to compare elasticities of demand for different products.
Elasticity (page 362, Table 20.2)
? E > 1 ? demand is elastic
? Consumers are very responsive to changes in prices
? WHY?
1. Luxuries
2. Availability of Substitutes (more substitutes ? ?elasticity)
3...
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