Explain relationship of price elasticity and total revenue

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Reference no: EM1349830

a. What is the definition of price elasticity of demand?

b. Explain the relationship between price elasticity and total revenue? How does price elasticity of demand affect a firm's pricing decisions?

c. How does the availability of substitutes affect price elasticity of demand? Provide examples. Please relate the concepts to your personal experience and/or professional experience

Reference no: EM1349830

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