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price elasticity of demand

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I need to know what price elasticity of demand and economies of scale are and their effects on mass production

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I need to know what price elasticity of demand and economies of scale are and their effects on mass production.

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Price elasticity of demand can be defined as the change in quantity demanded of a product/service in response to change in price. In other words, the increase or decrease in demand of a product with respect to increase or decrease in price of a product is price elasticity. For example, if a product's ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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