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Author Question: What is the total revenue test? What will be an ideal response?[br][br][b][color=#9E3EA8]Question ... (Read 56 times)

nramada

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on: Jun 29, 2018
What is the total revenue test?
 
  What will be an ideal response?

Question 2

If Blake can pick more cherries in one hour than Cody, then Blake has a comparative advantage in cherry picking.
 
  Indicate whether the statement is true or false


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alexisweber49

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The total revenue test is a method of estimating the price elasticity of demand by observing the change in total revenue, given a change in price, holding all other things constant. The total revenue test shows that a price cut increases total revenue if demand is elastic, decreases total revenue if demand is inelastic, and does not change total revenue if demand is unit elastic.

Answer to Question 2

FALSE


nramada

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

yeungji

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Reply 3 on: Yesterday
Wow, this really help

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