Illustrate what happens to total income when the price of, Ask an Expert

Economics

The total revenue test

What happens to total revenue when the price of milk is increased. Why?

Inelastic goods (goods in which consumers are less responsive to changes in price): e < 1

Elastic goods (goods in which consumers are more responsive to changes in price): e >1

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9205859

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