Asked by
abhishek choudhary
on Oct 08, 2024
Verified
If price changes and total revenue changes in the opposite direction,demand is relatively elastic.
Relatively Elastic
Describes a situation where a product or service's demand or supply is significantly responsive to changes in price, indicating a greater percentage change in quantity demanded or supplied than the percentage change in price.
Total Revenue
The income generated from the sale of goods or services before any costs are subtracted.
Price Changes
Variations in the cost of goods or services in the market over a period of time, influenced by factors such as supply and demand.
- Understand the concept of price elasticity of demand and its implications on total revenue.
Verified Answer
NL
Learning Objectives
- Understand the concept of price elasticity of demand and its implications on total revenue.