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Please rewrite the questions and write in complete sentences and paragraphs. Remember that economics is a science and that we are concerned with describing what, how, and why behaviors occur, therefor

Please rewrite the questions and write in complete sentences and paragraphs. Remember that economics is a science and that we are concerned with describing what, how, and why behaviors occur, therefore it should be detailed enough to clearly convey the economic concepts, using the appropriate terminology. Your answer(s) should rely on the text and module materials and not on the internet Describe what elasticity of demand measures and the three possible variations. Describe the effect of a lower price on total revenue when demand is elastic, when demand is inelastic and when demand is unitary. How doe this understanding of how changes in price may affect total revenues help us understand which type of product are generally put on sale and which products are not generally put on sale?

Apr 16 2021 View more View Less

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