Looking at the relationship between elasticity and total revenue, we can see that ____.
a. b and c
b. when demand is unit elastic, small price changes don't change total revenue
c. when a good is price inelastic, revenue increases when prices increase
d. when a good is price elastic, revenue increases when prices increase
e. total revenue is maximized when the elasticity has stopped changing
Question 2
Which statement about price elasticity of demand along a linear demand curve is true?
a. As the quantity demanded increases, so does the buyer's sensitivity to price.
b. When price elasticity of demand is equal to 1, consumers are indifferent to subtle price changes.
c. The ratio of current price to quantity demanded is a good estimate of the elasticity of demand.
d. As the prices of goods increase, the elasticity of demand increases.
e. When an individual buys 4 units of a good his/her elasticity of demand for each unit increases.
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