Briefly explain how total revenue(TR) will be affected in each of the following cases (use the TR formula): a) Demand is elastic and price increases… | Cheap Nursing Papers
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Briefly explain how total revenue(TR) will be affected in each of the following cases (use the TR formula): a) Demand is elastic and price increases…

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Briefly explain how total revenue(TR) will be affected in each of the following cases (use the TR formula):

a) Demand is elastic and price increases

b)The price elasticity of demand (Ed)=0.7 and price increases

c)Demand is elastic and price decreses

d)Demand is perfectly inelastic (Ed=0) and price increase

e)Demand is inelastic and price decreases.

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