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Chapter 20 - Demand And Supply: Elasticities And ApplicationsChapter 20 Key Terms McConnell and Brue 14th Edition
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Help Desk | Legal Policies and Info | Order Info | What's New | Get Involved Copyright ©1998 The McGraw-Hill Companies. All rights reserved.Any use is subject to the Terms of Use and Privacy Policy. McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies. For further information about this site contact . When the total revenue and price both move in the same direction demand is?If price and total revenue move in the same direction, then demand is Inelastic. If you decrease the good's price, a large increase occurs in quantity demanded, and total revenue increases.
When price and total revenue move in the same direction along the demand curve This indicates that demand is?When price and total revenue move in the same direction, demand is relatively inelastic.
Why do price and total revenue go in the same directions when the demand for the good is inelastic?Why do price & total revenue go in the same direction when the demand for the product is inelastic? Elastic items aren't necessary, so when prices go up or down, quantity demanded also changes.
How does total revenue change when the price changes?When you increase price, you increase revenue on units sold (The Price Effect). When you increase price, you sell fewer units (The Quantity Effect).
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