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If the demand for a product is perfectly inelastic, a decrease in the price of the product

regina nana

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5 years ago

If the demand for a product is perfectly inelastic, a decrease in the price of the product

Question 1.

When demand is unit elastic, a change in price causes total revenue to stay the same because

• the percentage change in quantity demanded exactly offsets the percentage change in price.

• buyers are buying the same quantity.

• total revenue never changes with price changes.

• the change in profit is offset by the change in production cost.

Question 2.

If the demand for a product is perfectly inelastic, a decrease in the price of the product

• will increase total revenue.

• will decrease total revenue.

• will not change total revenue.

• Any of these are possible.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

Read 68 times

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Guest

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5 years ago

More solutions for this book are available here

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regina nana Author

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5 years ago

Good timing, thanks!

dearsophia21

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Yesterday

Thanks

my2redeyes

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2 hours ago

Helped a lot

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