Solved: Discuss the definition of price elasticity of demand, Microeconomics

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Discuss the definition of price elasticity of demand

Question:

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.

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Microeconomics: Discuss the definition of price elasticity of demand

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Microeconomics: Discuss the definition of price elasticity of demand

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