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10 cards from this deck
Responsiveness of quantity demanded to price changes
(% change in quantity demanded) / (% change in price)
Less than 1 (e.g. 0.5, 0.3, 0.8)
Greater than 1 (e.g. 1.5, 2.0, 3.5)
More substitutes make demand more elastic
Elasticity increases over longer time periods
Strong branding reduces elasticity
TR = P × Q (price multiplied by quantity)
Total revenue rises
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