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Explain what will happen to Total Revenue if:  a. Demand is elastic and the price increases:  b. demand is elastic and the price decreases:  c. demand is inelastic and the price increases:  d. demand is inelastic and the price decreases:

Explain what will happen to Total Revenue if:  a. Demand is elastic and the price increases:  b. demand is elastic and the price decreases:  c. demand is inelastic and the price increases:  d. demand is inelastic and the price decreases:

Essentials of Economics (MindTap Course List)
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 5QR
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1. Explain what will happen to Total Revenue if:

 a. Demand is elastic and the price increases:

 b. demand is elastic and the price decreases:

 c. demand is inelastic and the price increases:

 d. demand is inelastic and the price decreases:

 

**This is 1 question with 4 parts**

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