Define price elasticity of demand in words

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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?

Reference no: EM131088393

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