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11. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. Price A B Demand Quantity

11. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. Price A B Demand Quantity

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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11. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. Price A B Demand Quantity The elastic section of the graph is represented by section from a. b. The inelastic section of the graph is represented by section from c. The unit elastic section of the graph is represented by section, d. The portion of the graph in which a decrease in price would cause total revenue to fall would be from c. The portion of the graph in which a decrease in price would cause total revenue to rise would be from f. The portion of the graph in which a decrease in price would not cause a change in total revenue would be g. The section of the graph in which total revenue would be at a maximum would be h. The section of the graph in which elasticity is greater than 1 is i. The section of the graph in which elasticity is equal to 1 is, j. The section of the graph in which elasticity is less than 1 is .
Transcribed Image Text:11. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. Price A B Demand Quantity The elastic section of the graph is represented by section from a. b. The inelastic section of the graph is represented by section from c. The unit elastic section of the graph is represented by section, d. The portion of the graph in which a decrease in price would cause total revenue to fall would be from c. The portion of the graph in which a decrease in price would cause total revenue to rise would be from f. The portion of the graph in which a decrease in price would not cause a change in total revenue would be g. The section of the graph in which total revenue would be at a maximum would be h. The section of the graph in which elasticity is greater than 1 is i. The section of the graph in which elasticity is equal to 1 is, j. The section of the graph in which elasticity is less than 1 is .
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