Please explain the an **Price Elasticity of Demand**Price elasticity of demand reflects how sensitive consumers are to changes in prices. Demand is elastic when _______.a. The price of a good increases and the total revenue decreases. b. The price of a good increases and the total revenue increases. c. The price of a good decreases and the total revenue stays the same. d. There is not enough information to answer this question. **Explanation of Concepts:**- **Elastic Demand:** This occurs when a change in price leads to a significant change in the quantity demanded. If demand is elastic, an increase in price will cause a decrease in total revenue, while a decrease in price will increase total revenue.- **Total Revenue:** This is calculated as the price of a good multiplied by the quantity sold. Understanding how total revenue changes with price alterations is key to determining elasticity.

Elasticity of demand is an important concept for businesses to understand because it can affect how…

. Price elasticity of demand reflects how sensitive consumers are to changes in prices. Demand is elastic when a. The price of a good increases and the total revenue decreases. b. The price of a good increases and the total revenue increases. c. The price of a good decreases and the total revenue stays the same. d. There is not enough information to answer this question.

. Price elasticity of demand reflects how sensitive consumers are to changes in prices. Demand is elastic when a. The price of a good increases and the total revenue decreases. b. The price of a good increases and the total revenue increases. c. The price of a good decreases and the total revenue stays the same. d. There is not enough information to answer this question.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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