Answered: b) When the price is $166.10, the…

b) When the price is $166.10, the demand is (elastic/inelastic) which means that as price the revenue will (increases/decreases) (increase/decrease)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 11E: The price elasticity of the demand for gasoline is -0.02. The price elasticity of demand for...

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Question

b) When the price is $166.10, the demand is
(elastic/inelastic)
which means that as price
the revenue will
(increases/decreases)
(increase/decrease)

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