What is the definition of price elasticity of demand


Discusing Price Elasticity of Demand

What is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue? How does price elasticity of demand affect a firm's pricing decisions? How does the availability of substitutes affect price elasticity of demand? Provide examples to support your answers.

 

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Business Economics: What is the definition of price elasticity of demand
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