Elasticity of demand and total revenue

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Reference no: EM13118818

Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached "Graphs for Elasticity of Demand, Total Revenue." Include the impacts to quantity demanded and total revenue when there is a price decrease, ceteris paribus.

1.  Elastic range

2.  Inelastic range

3.  Unit-elastic range

1428_Elasticity of demand and total revenue.png

Reference no: EM13118818

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