Fundamentals of Mircoecononmics

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.

 
"Looking for a Similar Assignment? Order now and Get 10% Discount! Use Code "Newclient"
[promo2]