If price and total revenue are directly related, demand is inelastic.
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Q2: An income elasticity coefficient of −1.8 means
Q3: If the coefficient of income elasticity of
Q4: A linear demand curve has a constant
Q5: A cross elasticity of demand coefficient of
Q6: Cross elasticity of demand measures the effect
Q7: If the quantity demanded for Good A
Q8: The smaller the number of good substitutes
Q9: Generally speaking, the demand for luxury goods
Q10: If the elasticity coefficient of supply is
Q11: The greater the ease of shifting resources
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