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1. If demand is elastic, how will an increase in price change total revenue? Explain

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 8QR

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1. If demand is elastic, how will an increase in price change total revenue? Explain

2. If a fixed quatity of good is available, and no more can be made, what is the price elasticity of supply?

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