Asked by
Kaveen Sivanesan
on Nov 04, 2024
Verified
When demand is inelastic, a decrease in price will result in a decrease in total revenue.
Demand Is Inelastic
A situation where the quantity demanded of a product changes very little in response to changes in its price.
Total Revenue
The overall amount of money generated from the sale of goods or services before subtracting any expenses.
- Perceive the interplay between demand elasticity and total income.
- Identify the differences between elastic, inelastic, and unitary elastic demand.
Verified Answer
AN
Learning Objectives
- Perceive the interplay between demand elasticity and total income.
- Identify the differences between elastic, inelastic, and unitary elastic demand.