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Contact [7]
3 years ago
14

"Total revenue equals the price multiplied by the quantity. The relative change price and quantity is given by the concept of __

______________."
Business
1 answer:
Flura [38]3 years ago
7 0

Answer:

Elasticity

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.

Demand is inelastic if a small change in price has little or no effect on quantity demanded.

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.

I hope my answer helps you

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