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Modern Economics :!!:, Price-Elasticity-Formula, OIP (1), modern-economy…
Modern Economics :!!:
Elasticity
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Price elasticity of demand :explode:
= percentage change in quantity demanded / Percentage change in price
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Price elasticity of supply :explode:
= Percentage Change in Quantity Supplied / Percentage Change in Price
Income Elasticity of Supply :explode:
= Percentage Change in Quantity demanded / Percentage change in income
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- :no_entry: If demand curve is elastic, total revenue decrease and price increase, if inelastic total revenue increase and price increase
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