The relationship between elasticity and total income
ID:CVETI
Video Overview
Elasticity relates to the key concepts of supply and demand. When something changes in a market, like price for instance - elasticity tells us how much other things will change. The relationship between price elasticity and total revenue matters in particular to a seller’s total revenue as it informs management when prices of goods or services rise and when they may fall. In order to understand the relationship between elasticity and total revenue, this video takes a look at each one in brief.
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