Figure: Elasticity and Total Revenue Refer to the figure. If price falls from $60 to $40, total revenue goes ________, so demand is ________.
A) down by $100; inelastic
B) down by $480; elastic
C) up by $360; inelastic
D) up by $120; elastic

Question

Figure: Elasticity and Total Revenue  Refer to the figure. If price falls from $60 to $40, total revenue goes ________, so demand is ________.
A) down by $100; inelastic 
B) down by $480; elastic 
C) up by $360; inelastic 
D) up by $120; elastic

Quizplus · Accepted Answer

The Answer of Figure: Elasticity and Total Revenue  Refer to the figure. If price falls from $60 to $40, total revenue goes ________, so demand is ________.
A) down by $100; inelastic 
B) down by $480; elastic 
C) up by $360; inelastic 
D) up by $120; elastic

Figure: Elasticity and Total Revenue Refer to the Figure