A rise in the price of a product whose demand is elastic will reduce the total revenue

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A rise in the price of a product whose demand is elastic will reduce the total revenue of the firm. Explain.

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Economics Principles and Policy

ISBN: 978-0538453653

12th edition

Authors: William J. Baumol, Alan S. Blinder

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Question Posted: Apr 12, 2016 07:12 AM

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A rise in the price of a product whose demand is elastic will reduce the total revenue

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Revenue is equal to price times quantity When the ...View the full answer

Economics Principles and Policy

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