Figure 37 Price $20- A 18 16- 14- B 12 10- 8- 6 4- 2- 100 200 300 400 500 600 Quantity 39. Refer to Figure 37. If the price decreased from $18 to $6, Select one: a. total revenue would increase by $1,200 and demand is elastic between points A and C. O b. total revenue would decrease by $800 and demand is inelastic between points A and C. O c. total revenue would decrease by $1,200 and demand is inelastic between points A and C. O d. total revenue would increase by $800 and demand is elastic between points A and C.

Figure 37 Price $20- A 18 16- 14- B 12 10- 8- 6 4- 2- 100 200 300 400 500 600 Quantity 39. Refer to Figure 37. If the price decreased from $18 to $6, Select one: a. total revenue would increase by $1,200 and demand is elastic between points A and C. O b. total revenue would decrease by $800 and demand is inelastic between points A and C. O c. total revenue would decrease by $1,200 and demand is inelastic between points A and C. O d. total revenue would increase by $800 and demand is elastic between points A and C.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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