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It is understandable that for the theories of Price elasticity of Demand and Income elasticity of Demand, for value that is more than 1, it is typically regarded as elastic. Example, PED > 1, PED is elastic YED>1, YED is elastic, Normal good - Luxuy good However, why must the value equates to 1 and not 10? If PED> 1, example, PED is 1.2, For a change in price of a particular product by 1.2 percent will result in a change of quantity demanded of that same product by 1.2 percent. And because 1.2 percent is a very small value, shouldn’t PED be inelastic in this case?? This applies for YED. If YED is 1.5, it suggests a change in income by 1.5 percent will result in a change of quantity demanded of a particular good by 1.5 percent. And since 1.5 percent is a small value, shouldn’t YED be inelastic and a necessity instead of a luxurious good?? Please advice, thanks.
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