What is the concept of price elasticity of demand and why is it important?

Please include all questions along with your answers in Word and always remember to show all work:
Please answer the following questions by writing a few sentences for each:
What is the concept of price elasticity of demand and why is it important?
What are the key determinants of the price elasticity of demand?
What is the relationship between the price elasticity of demand and sales revenue?
The price of a good rises by 6% and the quantity demanded falls by 30%. What is the price elasticity of demand (in absolute value terms)? Please explain and interpret your answer.
The price of a good is $45 and the quantity demanded is 500 units. If the slope of the linear demand curve is -3, then what is the price elasticity of demand, according to the point elasticity formula? Please explain and interpret your answer.
The price of gasoline rises and the total revenue received by sellers decreases. What can you conclude about the relationship between the percentage change in quantity demanded relative to the percentage change in price (in absolute value)?
If the price of cereal rises by 2% and the quantity demanded of milk falls by 0.5%, then what is the cross elasticity between the two products? Please interpret your answer. Is your interpretation consistent with your expectations?
If your income rises by 10% and your quantity demanded of used goods falls by 20%, then what is the income elasticity of demand? Please interpret your answer. Is your answer consistent with your expectations?
Indicate whether the below statements are “true” or “false” and explain why:
The price elasticity of demand measures the responsiveness of producers to price changes.
A larger absolute value of the price elasticity of demand implies that demand is more elastic.
The point elasticity formula is used to calculate price elasticity of demand when moving between two points on a demand curve;
The arc elasticity formula is used to calculate the price elasticity of demand at a single point on the demand curve.
Whether total revenue rises, falls, or remains the same when price changes depend on whether demand is elastic, inelastic, or unit elasticity.
Length: 2-3 pages
The completed assignment should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic.
When applicable, conduct a Turnitin pre-check and then upload your completed assignment and cliluvck the Submit to Dropbox button.

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