Unformatted text preview: individual linear demand curves for a private good. 3. Give a definition of the price elasticity of demand, the mathematical formula for it and its interpretational value. 4. Be able to explain (with the help of a formula and a graph) the exact relationship between the slope and the price elasticity of demand for a linear demand curve. 5. Be able to define elastic, inelastic and unit elastic demand. 6. Be able to describe the relationship between price elasticity of demand and total revenue....
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This note was uploaded on 08/08/2008 for the course ECON 301 taught by Professor Hansen during the Spring '08 term at University of Wisconsin.
 Spring '08
 Hansen
 Economics, Microeconomics

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