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ECO 365 Week 1 DQ 1 What is the definition of price elasticity of demand? What is the relationship between price elasticity of demand and total revenue?

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Presentation on theme: "ECO 365 Week 1 DQ 1 What is the definition of price elasticity of demand? What is the relationship between price elasticity of demand and total revenue?"— Presentation transcript:

1 ECO 365 Week 1 DQ 1 What is the definition of price elasticity of demand? What is the relationship between price elasticity of demand and total revenue? How does price elasticity of demand affect a firm’s pricing decisions? How does the availability of substitutes affect the price elasticity of demand? Provide a real-world example that illustrates your points. Check this A+ tutorial guideline at http://www.assignmentcloud.com/ECO-365/ECO- 365-Week-1-DQ-1 For more classes visit http://www.assignmentcloud.com

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