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If demand is elastic, how will an increase in price change total revenue Explain
Chapter 5, Problem Questions for Review 5.6(choose chapter or problem)
QUESTION:
If demand is elastic, how will an increase in price change total revenue? Explain
Questions & Answers
QUESTION:
If demand is elastic, how will an increase in price change total revenue? Explain
ANSWER:Step 1 of 2
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.