Microeconomics
Solutions
Microeconomics
Alexi says, “When a seller raises his price, his total revenue rises.” What is Alexi implicitly assuming?
Identify the situation when the total revenue rises as there is a rise in price.
An elastic demand inversely changes as per the change in price. Thus, if the demand is elastic, a rise in price causes to decline the demand of a commodity. As a result, the total revenue will fall...
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