Answer to Question #266642 in Microeconomics for Candyland

Question #266642

When the price of commodity B rises by 10%, the total revenue received by firms that sell commodity B rises by 5%. The demand for commodity B is therefore...

1
Expert's answer
2021-11-16T10:40:55-0500

The demand for commodity B is therefore inelastic.This is because a rise in price causes a rise in total revenue and the price does not have a big effect on the quantity demanded.


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