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VikaD [51]
3 years ago
9

If the price of good X rises and the demand for good X is elastic, then the percentage __________ in quantity demanded is ______

____ the percentage rise in price, and total revenue __________.a. fall; greater than; risesb. fall; less than; fallsc. fall; equal to; remains constantd. rise; greater than; fallse. fall; greater than; falls
Business
1 answer:
Ira Lisetskai [31]3 years ago
8 0

Answer:

e. fall; greater than; falls

Explanation:

Demand is price elastic if a small change in price has a greater effect on the quantity demanded. The coefficient of elasticity is usually greater than one which indicates that the percentage change in quantity demanded is greater than the percentage change in price.

Elasticity of demand = percentage change in quantity demanded/ percentage change in price

If demand is elastic, an increase in price leads to a fall in quantity demanded and total revenue falls.

I hope my answer helps you

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Answer:

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5 0
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Answer:

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8 0
2 years ago
Which piece of educational information is normally not asked about on a job application?
RSB [31]
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