Source estimates of price elasticity for a variety of consumer goods and services. Explain what price elasticities

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❷ Source estimates of price elasticity for a variety of consumer goods and services. Explain what price elasticities of 0.5 and 2.4 mean. Note: These are absolute values, as price elasticity is usually negative. (Learning Objective 2)

(AACSB: Analytical Thinking; Communication)

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