Explain how does price elasticity of demand affect

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Q. Illustrate what is the definition of price elasticity of demand? Illustrate what is the relationship among price elasticity of demand and total revenue? Explain how does price elasticity of demand affect an industry's pricing decisions? Explain how does the availability of substitutes affect the price elasticity of demand? Provide a real-world example which illustrates your points

Reference no: EM1387447

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