Q4. a) Give your own example (think about your own tastes&preferences, i.e., you cannot use examples from the textbook) of a product that your demand is elastic. Assume that the price of this product rises. What happens to total revenue of the producer? Explain why. Product you choose: TR declines or increases: Explanation: b) Give your own example (think about your own tastes&preferences, i.e., you cannot use examples from the textbook) of a product that your demand is elastic. Assume that the price of this product rises. What happens to total revenue of the producer? Explain why. Product you choose: TR declines or increases: Explanation:

Q4. a) Give your own example (think about your own tastes&preferences, i.e., you cannot use examples from the textbook) of a product that your demand is elastic. Assume that the price of this product rises. What happens to total revenue of the producer? Explain why. Product you choose: TR declines or increases: Explanation: b) Give your own example (think about your own tastes&preferences, i.e., you cannot use examples from the textbook) of a product that your demand is elastic. Assume that the price of this product rises. What happens to total revenue of the producer? Explain why. Product you choose: TR declines or increases: Explanation:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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