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Price Elasticity of Demand and the Total Revenue Test

This video lecture explains how to determine PED at various price and quantity combinations along a linear demand curve. It also explores the relationship between PED and the total revenues of sellers in a market, which may either increase or decrease upon a price change depending on the PED of consumers at the current price. The total revenue test of elasticity is explained, which allows us to determine whether demand is elastic or inelastic between two prices without having to calculate the PED coefficient
Length: 14:35

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