QUESTION 11When demand is elastic, an increase in price causes the seller's total revenue to:O increase.decrease.remain the same.fall to zero.QUESTION 12Consider a demand function for movie tickets Q=1000/P. Which of the following statement is correct?The demand function is elastic in the upper portions of the curve and inelastic in the lower portions.Since quantity demanded increases as price decreases, total expenditures increase.This is an isoelastic demand curve.The demand is elastic throughout the curve.

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QUESTION 11 When demand is elastic, an increase in price causes the seller's total revenue to: O increase. Odecrease. remain the same. fall to zero.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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