Question

Analyse how price elasticity of demand of a product influences the relationship between changes in prices and total revenue.

Answer 1

Answer:

Price elasticity of demand describes how changes in the price for goods and the demand for those same goods relate. As those two variables interact, they can have an impact on a firm's total revenue. ... Therefore, as the price or the quantity sold changes, those changes have a direct impact on revenue.

Explanation:

Answer 2

Explanation:

Price elasticity of demand describes

how changes in the price for goods

and the demand for those same goods

relate. As those two variables interact,

they can have an impact on a firm's

total revenue. .. Therefore, as the

price or the quantity sold changes,

those changes have a direct impact on

revenue