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Price elasticity of demand

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Reference no: EM131962137

Topic 1: Price elasticity of demand is an important concept. With appropriate examples, explain how this concept is related to total revenue. (Hint: When providing example, select a product whose demand may be relatively elastic; therefore, lowering its price may lead to increase in total revenue. This will allow other students to choose a different example.)

Reference no: EM131962137

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