question archive 1)State true or false and justify your answer: When demand is inelastic, an increase in price will lead to an increase in total revenue for the product
1)State true or false and justify your answer: When demand is inelastic, an increase in price will lead to an increase in total revenue for the product
Subject:EconomicsPrice:2.88 Bought3
1)State true or false and justify your answer:
When demand is inelastic, an increase in price will lead to an increase in total revenue for the product.
2)
State true or false and justify your answer:
If the quantity demanded for good A increases from 40 to 60 when the price decreases from $9 to $7, the absolute value of the price elasticity of demand in this price range is 1.6.
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