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How Is Total Revenue Affected by A Good Being Elastic or Inelastic?
How Is Total Revenue Affected by A Good Being Elastic or Inelastic?
How Is Total Revenue Affected by A Good Being Elastic or Inelastic?
- D curve is flat
- When the price rises, the quantity demanded falls significantly
Revenue falls
Inelastic:
- D curve is steep
- When P rises, Qd falls slightly
Revenue rises