![Consider the demand curve ก็เstrated in the figure to the right Is demand elastic or inelastic? 0 A. Demand is elastic at all prices above $10.00 and inelastic at al prices below S1000. OB. Demand is inelastic at all prices above S10OO and elastic at al prices below S1000. O C. Demand is elastic at all prices above $12.00 and inelastic at al prices below $12.00, O D. Demand is inelastic (at all prices). E. Demand is elastic (at all prices) At what price is total revenue maxoimized? Total revenue is maximized when price equais S[10]. (Enter your response as·rew number rounded to two decimal places) 10 1214 16 18 20 Click to select your answers 3 4 5 7](http://img.homeworklib.com/questions/aefd5000-7218-11ea-a933-8df7d3e79fed.png?x-oss-process=image/resize,w_560)
Homework Answers
E) Demand is elastic (at all prices).
Demand is elastic when change in price leads to change in quantity demanded. When change in price does not cause any change in quantity then demand is inelastic.
Total revenue = Price x Quantity
TR at $ 10 = 10 x 10 = 100
TR at $ 9 = 9 x 11 = 99
TR at $ 11 = 11 x 9 = 99
So, TR is maximum at $ 10.
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