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Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498 Exercise 6
Problems 7 and 8 refer to the demand schedule shown in Table 4P-1. For each price change, say whether demand is elastic, unit-elastic , or inelastic , and say whether total revenue increases, decreases , or stays the same.
Price decreases from $70 to $60. Demand is ___ and total revenue ___.
Price decreases from $70 to $60. Demand is ___ and total revenue ___.
Explanation
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Given Information:
Table -1 shows the d...
Economics 1st Edition by Dean Karlan,Jonathan Morduch
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