If the price of x drops from 1 to 80 cents and the quantity, Ask an Expert

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If the price of X drops from $1 to 80 cents, and the quantity rises from 2,000 pounds purchased to 3,000 pounds purchased what can we say about the relationship between total revenue from the sale of X and the value of the price elasticity od demand? Suppose that the demand for x rises from 2,000 pounds to 2,100 pounds after the price drop. What can we say about the change in total revenue from the sale of X and the price elasticity of demand in that case?

In general what is the relationship between the change in total revenue from the sale of a product and the value of the price elasticity of demand?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91828319

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