ECO365 Week 1 Discussion 3

ECO 365 Week 1 DQ 3
In your own words, what is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue. Also, in your own opinion, how does the availability of substitutes affect price elasticity of demand? Please use examples when justifying your examples. 

ECO365 Week 1 Discussion 3

In your own words, what is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue. Also, in your own opinion, how does the availability of substitutes affect price elasticity of demand? Please use examples when justifying your examples. Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price (Colander, 2010). Knowing elast...