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Suppose that the total revenue received by a company selling basketballs is $720 when the price is set at $30 per basketball and $720 when the price is set at $20 per basketball. Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M970195

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