Price elasticity of demand Economics Microeconomics

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Subjects -> Economics -> Microeconomics -> Posting #21148

Economics, Microeconomics

Year 4

Price elasticity of demand

I am having difficulty understanding the concept of the price elasticity of demand in regards to a product. I would choose the example medical supplies. Would the price elasticity of demand for this product price elastic or price inelastic? Also what would the impact on revenues generated from sales of this good or service if my organization raised the price of the product and also if we lowered the price? Also using the good or service what would substitutes be for it and what would be a compliment to it. Also what could have happened to the price of the substitute goods over the last year? How could those price adjustment impact the demand for the product analyzed?

By OTA: Mutasem Sinnokrot, PhD

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