(Solution) If The Price Of A Product Were Increased From $25 To $26 And Quantity Demanded Fell From 10 To 9, Calculate The Price Elasticity Of Demand. | Snapessays.com


(Solution) If the price of a product were increased from $25 to $26 and quantity demanded fell from 10 to 9, calculate the price elasticity of demand.


If the price of a product were increased from $25 to $26 and quantity demanded fell from 10 to 9, calculate the price elasticity of demand. Also, tell whether the demand is elastic, unit elastic or inelastic. Calculate the change in total revenue as a result of the price increase, and how does it show the relationship between elasticity and total revenue?

 


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This question was answered on: May 23, 2022

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