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1. Suppose that, for a particular demand curve, when price rises from $50 to $60, total revenue falls from $8,750 to $7800.

a. Based upon this information, what is the quantity demanded at each price.

b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M937894

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