Why do we measure elastisity of demand
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The formula applied to measure the elasticity on a linear demand curve can now be used as the non-linear demand curve has been changed into a linear demand curve. Price Elasticity and Total Revenue: One important application of elasticity is to clarify whether a price increase will raise or lower total revenue.
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Answer:
The formula applied to measure the elasticity on a linear demand curve can now be used as the non-linear demand curve has been changed into a linear demand curve. Price Elasticity and Total Revenue: One important application of elasticity is to clarify whether a price increase will raise or lower total revenue.
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