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Identify the determinants of the price elasticity of demand

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Reference no: EM132844887 , Length: Word count:- 300

The Price Elasticity of Demand

  • The price elasticity of demand is people's responsiveness of quantity demanded (or consumption) when there is a change in price.

Question 1: Identify the determinants of the price elasticity of demand. Explain each one.

Question 2: Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.

Question 3: Distinguish between a necessity and a luxury.

Question 4: How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing?

  • Your initial post should be a minimum of 300 words

Reference no: EM132844887

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