Calculate supply and demand elasticities, identify the determinants of price elasticities of demand and supply, and demonstrate the relationship between elasticity and total revenue.

1)Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price

2)Elasticity means that as the price increases, the total units sold decrease and, as a result, so does total revenue.

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