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ECO - Explain the relationship between the price elasticity of demand and total revenue

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Question;Explain the relationship between the price elasticity of demand and total revenue. What are the impacts ofvarious forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies tomaximize profit? Explain using empirical examples.2. Is the price elasticity of demand or supply more elastic over a shorter or a longer period of time? Why? Give examples.

 

Paper#56856 | Written in 18-Jul-2015

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