What is the value of the price elasticity of demand (PED) for a product if total revenue remains thesame when the price is reduced?
Question
Solution 1
The price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.
If total revenue remains the same when the price is reduced, it means that the percen Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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