3. es) Fill in the blanks: (a)=? When demand is price-elastic, an increase in price causes total revenue to When demand is price-inelastic, a decrease in price causes total revenue to (b)=?

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 16SQ
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3.
es) Fill in the blanks:
(a)=?
When demand is price-elastic, an increase in price causes total revenue to
When demand is price-inelastic, a
decrease in price causes
total
revenue
to
(b)=?
Transcribed Image Text:3. es) Fill in the blanks: (a)=? When demand is price-elastic, an increase in price causes total revenue to When demand is price-inelastic, a decrease in price causes total revenue to (b)=?
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