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If demand is elastic
If demand is elastic, how will an increase in price change total revenue? Explain.
If the elasticity is greater than 1
If the elasticity is greater than 1, is demand elastic or inelastic? If the elasticity equals 0, is demand perfectly elastic or perfectly inelastic?
Determinants of the price elasticity of demand
List and explain some of the determinants of the price elasticity of demand.