Total revenue O remains unchanged as price increases when demand is unit elastic decreases as price increases, as long as demand is inelastic increases as price increases, as long as demand is elastic always increases as price increases
Total revenue O remains unchanged as price increases when demand is unit elastic decreases as price increases, as long as demand is inelastic increases as price increases, as long as demand is elastic always increases as price increases
Chapter6: Elasticities
Section: Chapter Questions
Problem 6P: Explain why using the midpoint formula for calculating the elasticity of demand gives the same...
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