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Relationship between price elasticity and total revenue

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Reference no: EM131369467

Post a 200-300-word response to the following:

What is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue? How does price elasticity of demand affect a firm's pricing decisions? How does the availability of substitutes affect price elasticity of demand? Provide examples to support your answers to the questions above. Attention: Please note that your examples need to be specific to the organization or corporation that you are either involved with or familiar with.

Reference no: EM131369467

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