Price $20 18 16- 14 12 10- 8 100 200 B 300 400 + 500 600 D Quantity Starting at P = $18, if we increase the price by 1%, the total revenue will increase and demand is inelastic at P = $18. Not change, and demand is unit-elastic at P = $18. increase and demand is elastic at P = $18. decrease and demand is inelastic at P = $18. decrease and demand is elastic at P = $18.

Price $20 18 16- 14 12 10- 8 100 200 B 300 400 + 500 600 D Quantity Starting at P = $18, if we increase the price by 1%, the total revenue will increase and demand is inelastic at P = $18. Not change, and demand is unit-elastic at P = $18. increase and demand is elastic at P = $18. decrease and demand is inelastic at P = $18. decrease and demand is elastic at P = $18.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 1WNG: A college raises its annual tuition from 23,000 to 24,000, and its student enrollment falls from...

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