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Explain about the elasticity and total revenue.
Elasticity and Total Revenue:
a. When demand for a good is elastic, a raise in price decreases total revenue. Then Sales effect > Price effect there.
b. When demand for a good is inelastic, a higher price raises total revenue. Then Price effect > Sales effect
c. When demand for a good is unit-elastic, an increase into price does not change whole revenue. Then Sales effect = Price effect.
P2 and P3 play with a penny. P1 picks between same (S) and different (D). After observing P1's choice, P2 and P3 get to picked Simultaneously independently either head (H) and tail
ihave real gdp per capita for all countries in world .. how can i calculate world real gdp per capita by using the data.
The demand for textbooks is Q=200-P+25U-50Pbeer. Assume that the unemployment rate U is 8 and the price of beer P beer is $2. When the average price of a textbook is P=$100, the el
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