Assume three demand curves D1, D2 and D3, with corresponding price elasticities of demand of -0.3,...
Assume three demand curves D1, D2 and D3, with corresponding price elasticities of demand of -0.3, -1.2 and -1.6, respectively. For which of these curves will a 1% increase in price result in an increase in total revenue?
a. D1, D2 and D3
b. D1 and D2
c. D2 and D3
d. D3 only
e. D1 only
Homework Answers
ANSWER:
An increase in price will result in increase in total revenue if the demand is inelastic and among the three demand curves d1 ,d2 and d3 , only d1 has a demand which is inelastic that is less then 1 in absolute value and so the correct answer is option e that is d1 only.
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Assume three demand curves D1, D2 and D3, with corresponding
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Answer both questions plz
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