Demand for good is elastic with respect to its price

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Reference no: EM131009795

If the demand for a good is elastic with respect to its price, then a:

i. change in price will cause revenues (or consumer expenditures) to change in the same direction

ii. change in price will cause revenues (or consumer expenditures) to change in the opposite direction

iii. percentage change in price will result in a smaller percentage change in quantity demanded

iv. percentage change in price will result in a greater percentage change in quantity demanded

Reference no: EM131009795

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