Define price elasticity of demand in wordsnbsphow is price, Business Economics

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Define price elasticity of demand in wordsnbsphow is price

1) Define Price Elasticity of Demand in words. This means to put the equation into words.

2) How is price elasticity of demand related to the revenues a firm earns? Would a firm prefer that your price elasticity of demand for its product be elastic or inelastic? Why?

3) How does the passage of time affect the elasticity of demand for a good?

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