Suppose that when the price of a good rises by 8%, the quantity demanded that good falls by 13%. What is the approximate change in total expenditure (or total revenue)? Express your answer as a percentage. I got -6% but it is incorrect

Suppose that when the price of a good rises by 8%, the quantity demanded that good falls by 13%. What is the approximate change in total expenditure (or total revenue)? Express your answer as a percentage. I got -6% but it is incorrect

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 7QP

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