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Demand versus a change in quantity demanded

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Reference no: EM132368936

a. Please explain what is the difference between a change in demand versus a change in quantity demanded?

b. Why is it so important to differentiate between these similar-sounding terms?

c. What role do elasticities play in the decisions that individuals and firms make?

d. Consider a product you recently purchased - please state the product, and explain if you feel its demand is elastic, or inelastic, and why.

Reference no: EM132368936

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