Examlex
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Elasticity
An economic measure of the sensitivity of demand or supply to changes in price, income, or other factors, affecting the quantity consumed or supplied.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Total Revenue
The total income generated by a firm from the sale of its products or services before any costs are deducted.
Perfectly Inelastic Demand
A market situation where the quantity demanded does not change irrespective of changes in price.
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