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

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QUESTION:

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

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QUESTION:

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

ANSWER:

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The change in quantity demand due to a price change is noted under the price elasticity of demand. It is calculated by dividing the percentage change in quantity demand and the percentage change in price.

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