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How elasticity is always referred to as a positive value even though it can be negative?
In economics, elasticity is measures of the incremental percentage change in single variable with respect to an incremental percentage alter in another variable. Elasticity is almost always referred to as a positive value, meaning that people use the absolute value in the case of a part of elasticity that is normally negative.
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Q. Perfect Competition in neoclassical economics? Perfect Competition: An abstract assumption, central to neoclassical economics, in that companies are so small that none can i
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