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Asked Feb 17, 2020
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3. A price change causes the quantity demanded of a good to decrease by 30 percent, while the total
revenue of that good increases by 15 percent. Is the demand curve elastic or inelastic? Explain.(3)
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3. A price change causes the quantity demanded of a good to decrease by 30 percent, while the total revenue of that good increases by 15 percent. Is the demand curve elastic or inelastic? Explain.(3)

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Given, Decrease in quantity = 30 percent.

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