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Identify the determinants of the price elasticity of demand

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Assignment: The Price Elasticity of Demand

The price elasticity of demand is people's responsiveness of quantity demanded (or consumption) when there is a change in price.

Respond to the following:

• Identify the determinants of the price elasticity of demand. Explain each one.

• Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.

• Distinguish between a necessity and a luxury.

• How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing?

Your initial post should be a minimum of 300 words.

Reference no: EM132295878

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