When price was 10, quantity demanded was 50. When price increased to 12, quantity demanded decreased to 40. Therefore, when price increased, total revenue
A. decreased from 500 to 480, indicating that demand is inelastic.
B. decreased from 500 to 480, indicating that demand is elastic.
C. increased from 480 to 500, indicating that demand is inelastic.
D. increased from 480 to 500, indicating that demand is elastic.
B. decreased from 500 to 480, indicating that demand is elastic.
Economics
You might also like to view...
The Fed can directly control all of the following EXCEPT
A) the federal funds rate. B) long-term interest rates. C) the discount rate. D) reserve requirements.
Economics
Should autonomous consumption rise by one dollar, the effect of this on equilibrium income can be offset if net taxes are
A) raised by one dollar. B) lowered by one dollar. C) raised by c dollars. D) lowered by c dollars. E) raised by (1/c) dollars.
Economics