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lora16 [44]
3 years ago
5

If the price elasticity of demand for apples is 1.20 (absolute value), then the demand is _____ and total revenue will ______ if

the price of apples falls.
Business
1 answer:
Ludmilka [50]3 years ago
3 0

Answer:

The correct answer is: price elastic; increase.

Explanation:

The price elasticity of demand for apples is 1.2.  

This implies that the demand relatively prices elastic.  

Elastic demand means that a proportionate change in the price of apples will cause more than proportionate change in the quantity demanded.  

A decrease in the price of apples will cause its quantity demanded to increase by more than proportionate. This will cause total revenue to increase.

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