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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

If demand is elastic, how will an increase in price change total revenue? Explain.

To determine
Price elasticity of demand and total revenue.

Explanation

When demand is elastic, quantity demanded moves proportionally more than the price. So as price rises, quantity demanded falls by a greater percentage than the price...

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