Homework Answers
Hello,
Please find the answers below:
A. Price falls and demand is elastic
Total revenue will increase as due to the price fall the demand will increase (as it is elastic) leading to increase in total revenue.
B. Price rises and demand is elastic
Total revenue will fall as due to increase in price, the demand will decrease( as it is elastic) thus leading to decrease in sales and total revenue
C.Price rises and supply is elastic.
Total revenue should increase for given conditions of rise in price with an elastic supply. If price increases, the supply will also increase
D. Price rises and demand is inelastic.
Total revenue will increase. Because the demand is inelastic. Hence in such cases the consumer will still buy the product irrespective of the increase in the price.
E and F are repeat questions
G Price falls and demand is of unit elasticity
Total revenue will remain unchanged. For every price fall, the demand of product will be unit increase and hence will be proportionate to the price falls
Hope this helps!!
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