Elastic in the current price range


When demand is elastic in the current price range,

a. an increase in price would increase total revenue because the decrease in quantity demanded is less than the increase in price.

b. an increase in price would decrease total revenue because the decrease in quantity demanded is greater than the increase in price.

c. a decrease in price would decrease total revenue because the increase in quantity demanded is smaller than the decrease in price.

d. a decrease in price would not affect the total revenue.

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Microeconomics: Elastic in the current price range
Reference No:- TGS064067

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