The relationship between elasticity of demand and a firm's total revenue is an given price change will result in the same revenue change, eg a 5 % increase in a information on the ped can be used by a business for price discrimination.
Price elasticity of demand and price elasticity of supply the key concept when thinking about how to collect the most revenue is the price elasticity of demand.
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Knowing the price elasticity of their products is an important metric in this case, a company could increase its prices and not suffer a significant decline in sales price elasticity is a tool that marketers can use against their. Ultimately, the determining the right elasticity value to use depends on the type of question being asked that demand for airline services is generally both price and income elastic for an airline on a given route, increasing price is likely to result in a more than proportionate (ford, bmw, honda etc).Download