If the demand for KFC chicken is price elastic, a fall in the ...

[kellyjaisingh]

If the demand for KFC chicken is price elastic, a fall in the price of KFC chicken will raise the total revenue.
 
  Indicate whether the statement is true or false

Question 2

If the demand and supply curves are described by the following equations P = a - bQ and P = c + dQ, respectively, the equilibrium price is P = (ad + bc) / (b + d).
 
  Indicate whether the statement is true or false

[FergA]

Answer to Question 1

TRUE

Answer to Question 2

TRUE

[kellyjaisingh]

Wow, this really help

[kthug]

Thanks for the timely response, appreciate it