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What is the relationship and significance of price

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Reference no: EM132243987

  1. What are the differences between elastic, inelastic, unitary elastic, perfectly elastic, and perfectly inelastic?
  2. What is the relationship and significance of price elasticity of demand to total expenditures by consumers and total revenue by firms?
  3. How does the price elasticity of demand relate to the burden of a tax, consumer surplus, and producer surplus?

Reference no: EM132243987

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