How do price, revenue, and elasticity relate to each other?
If you change price, how does it affect demand, revenue, and elasticity?
What is the formula for maximum revenue?
Why does E = 1 at the maximum revenue point?
What does it mean for a product to be inelastic?
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This lesson continues the concepts from the previous lesson. The relationships between price, revenue, and elasticity are explained in this lesson. You will learn how to maximize revenue for a product.