(Answered) The demand for gasoline is inelastic and the demand for

Economics

The demand for gasoline is inelastic and the demand for t-shirts is elastic. Let's assume that Company A produces and sells gasoline and Company B produces and sells t-shirts.

a. Explain what happens to total revenue if Company A increases its prices.

b. Explain what happens to total revenue if Company B increases its prices.

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Business Economics, Economics

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