Why Do Historians Speak of a Primary and a Secondary

question 28

Essay

Why do historians speak of a primary and a secondary Industrial Revolution and what do they mean by these terms?

Analyze the effect of price changes on total revenue based on the elasticity of demand.

Recognize the factors that influence the elasticity of demand for a product.

Assess how businesses use price elasticity of demand to make pricing decisions.

Understand the economic theory behind the price elasticity of demand and its real-world applications.