Elasticity and Revenue Flashcards by Mudit Waghmare | Brainscape

Q

3 factors that affect elasticity of demand

A

% of income and time
Type of good
Availability of substitute goods/services

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Q

Formula of total revenue

A

Price per unit x quantity demanded

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Q

The closer a product’s price is to midpoint, the _____ the _______

A

Higher, revenue

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