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Subjects -> Economics -> Microeconomics -> Posting #9271

Economics, Microeconomics

Year 1

Micro Economics

I need some one to help me with this problems, I need to understand them so if you could explain them to me it would be great.
Thank you

1) How would the following changes in price affect total revenue? Would it increase, decline, or remain the unchanged
a. Price falls and demand is inelastic
b Price rises and demand is elastic
c. Price rises and supply is elastic
d. Prise rises and supply is inelastic
e. Price rises and demand is inelastic
f. Price falls and demand is elastic
g. Price falls and demand is of unit elasticity

2) What are the major determinants of price elasticity of demand? Use those determinants and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic: bottled water, toothpaste, Crest toothpaste, ketchup, diamond bracelets, Microsoft Windows operating systems

By OTA: Mutasem Sinnokrot, PhD

OTA Rating: 4.9/5

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