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Price Elasticity of Demand and the slope of the Demand Curve
Elasticity determines the shape of the demand curve.
From the formulas
Δp/p
We can say
÷ Δp/p
= ?q x P = ?Q x P
q ?P ?P Q
Therefore, for a straight line demand curve
Assume a floating exchange rate system. The Fed pursues an expansionary monetary policy. Draw how this would look on the graphs below. Mark the new equilibriums. Complete the table
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