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How the following changes in price affect the total revenue? Would total revenue increase, decrease or remain unchanged? Draw a graph by considering some examples from your daily life for each case an

How the following changes in price affect the total revenue? Would total revenue increase, decrease or remain unchanged? Draw a graph by considering some examples from your daily life for each case and give an explanation in your own words. 

A. Price falls, and demand is inelastic. 

B. Price rises, and demand is elastic.

C. Price rises, and demand is inelastic. 

D. Price falls, and demand is elastic.

E. Price falls, and demand is unit elastic.

Jul 03 2021 View more View Less

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