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Author Question: When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, ... (Read 139 times)

captainjonesify

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on: Jun 30, 2018
When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, then:
 a. demand is price inelastic.
  b. total revenue increases.
  c. demand is positively sloped.
  d. demand is unit elastic.
  e. total revenue decreases.

Question 2

If demand is price elastic, then when price decreases, total revenue:
 a. decreases.
  b. increases.
  c. does not change.
  d. is less than one.
  e. is negative.


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Mochi

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Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

b


captainjonesify

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  • Posts: 543
Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

jamesnevil303

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Reply 3 on: Yesterday
Wow, this really help

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