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Explain what elasticity of demand means. support your explanation with a suitable example. Describe the relationship between elasticity of demand and revenue when the prices

  • Explain what elasticity of demand means. support your explanation with a suitable example.
  • Describe the relationship between elasticity of demand and revenue when the prices are changed.
  • Rank the demand of these three goods by their expected price elasticities of demand from most elastic to least elastic 1) a blue colored iPhone 2) a smartphone 3) iPhone.
  • Explain why you ranked the goods above in the way you did.

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