Price $20 18 16- 14 12 10- 8 100 200 B 300 400 + 500 600 D Quantity Starting at P = $18, if we increase the price by 1%, the total revenue will increase and demand is inelastic at P = $18. Not change, and demand is unit-elastic at P = $18. increase and demand is elastic at P = $18. decrease and demand is inelastic at P = $18. decrease and demand is elastic at P = $18.
Price $20 18 16- 14 12 10- 8 100 200 B 300 400 + 500 600 D Quantity Starting at P = $18, if we increase the price by 1%, the total revenue will increase and demand is inelastic at P = $18. Not change, and demand is unit-elastic at P = $18. increase and demand is elastic at P = $18. decrease and demand is inelastic at P = $18. decrease and demand is elastic at P = $18.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Price
$20
18-
16
14
124
10-
8
100 200 300 400
+
500 600
Quantity
Starting at P = $18, if we increase the price by 1%, the total revenue will
increase and demand is inelastic at P = $18.
Not change, and demand is unit-elastic at P = $18.
increase and demand is elastic at P = $18.
decrease and demand is inelastic at P = $18.
decrease and demand is elastic at P = $18.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3a73f8bb-6428-4662-80b5-32cc1d5c3eee%2Fe383bf83-7da8-46c8-bb26-15f1a88256be%2Fonluk9q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Price
$20
18-
16
14
124
10-
8
100 200 300 400
+
500 600
Quantity
Starting at P = $18, if we increase the price by 1%, the total revenue will
increase and demand is inelastic at P = $18.
Not change, and demand is unit-elastic at P = $18.
increase and demand is elastic at P = $18.
decrease and demand is inelastic at P = $18.
decrease and demand is elastic at P = $18.
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