Consider the following table of own price elasticity information for six different markets. Market 1 2 3 4 5 6 Own Price Elasticity of Demand -0.1511 -0.0045 -1.2211 -3.7887 -0.7897 -1.0035 4 If each market experienced a 5 percent increase in price, you would conclude that: Total market revenues will increase in all markets because prices are increasing. Total market revenues will increase in markets 1,2, and 5 and decrease in markets 3,4, and 6.

Consider the following table of own price elasticity information for six different markets. Market 1 2 3 4 5 6 Own Price Elasticity of Demand -0.1511 -0.0045 -1.2211 -3.7887 -0.7897 -1.0035 4 If each market experienced a 5 percent increase in price, you would conclude that: Total market revenues will increase in all markets because prices are increasing. Total market revenues will increase in markets 1,2, and 5 and decrease in markets 3,4, and 6.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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