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Demand Curves

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1. Assume that, for a particular demand curve, when price rises from $50 to $60, total revenue falls from $8,750 to $7800.

a. Based on this information, what is the quantity demanded at each price.

b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic?

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Demand curves are addressed.

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a.Based on this information, what is the quantity demanded at each price.

Quantity demanded at price of $50 = Total ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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