Suppose the value of the price elasticity of demand is minus−3. what does this mean?

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asked Nov 20, 2019 73.0k views

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Suppose the value of the price elasticity of demand is minus−3. what does this mean?

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Juan C asked

by Juan C

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Then demand is low based upon the price. This may mean the price offered is to high or here is an oversupply of goods.

Craastad answered Nov 24, 2019

by Craastad

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