Elasticity and Revenue

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Price Elasticity

Some college students sing a sad song bemoaning the fact that their demand curve is inelastic. What does the song tell you about elasticity? (The lyrics keep repeating "change in quantity over change in price." Is that the formula for computing elasticity? Also, we do not have just one demand curve--we have a great many demand curves.)

These links were checked on May 13, 2009.
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Copyright Robert Schenk