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The value of price elasticity of demand is negative because it indicates the direct relationship between the price and consumer surplus from the good. the

The value of price elasticity of demand is negative because it indicates

  • the direct relationship between the price and consumer surplus from the good.
  • the inverse relationship between the price offered and the quantity demanded for the good.
  • that the value of the consumer surplus is negative for this good.
  • that the changes in quantity demanded are much less compared to the changes in price for this good.

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