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MICRO AP Review

MICRO AP Review. Demand Elasticity. Elastic -- % ? Q > % ? P; % ? Q / % ? P > 1 (luxuries, cruises, restaurant meals) Unit Elastic -- % ? Q = % ? P; % ? Q / % ? P = 1 Inelastic -- % ? Q < % ? P; % ? Q / % ? P < 1 (electricity, newspapers, salt). Market Structures.

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MICRO AP Review