The basic formula for price elasticity is a good is normal, Business Economics

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The basic formula for price elasticity is a good is normal

1. The basic formula for price elasticity is

The percentage change in quantity demanded divided by the percentage change in price.

The percentage change in price divided by the percentage change in quantity demanded.

The percentage change in income divided by the percentage change in price.

The change in quantity demanded divided by the change in price.

2. A good is normal if the sign on the income elasticity formula is

Greater than 1.

Negative.

Positive.

Less than 1.

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