Figure 5-1
-Refer to Figure 5-1.If the price decreased from $18 to $6,what would happen to total revenue and what would this imply about demand elasticity
A) Total revenue would increase by $1200 and demand would be elastic.
B) Total revenue would increase by $800 and demand would be elastic.
C) Total revenue would decrease by $1200 and demand would be inelastic.
D) Total revenue would decrease by $800 and demand would be inelastic.
Correct Answer:
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