In July 2024
Answer to Question #215936 in Microeconomics for thuỳ đỗ
a price change causes the quantity demanded of a good to decrease by 30 percent, while the total revenue of that good increases by 15 percent. Is the demand curve elastic or inelastic? explain
The demand curve is inelastic. The quantity demanded has decreased and so the price must have risen. If the price of goods rises and total revenue increases, demand must be inelastic.
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