Use the Graph Shown to Answer the Following Questions

question 91

Short Answer

Use the graph shown to answer the following questions.Put the correct letter in the blank.Letters may be used more than once.
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a.The elastic section of the graph is represented by section _______.
b.The inelastic section of the graph is represented by section _______.
c.The unit elastic section of the graph is represented by section _______.
d.The portion of the graph in which a decrease in price would cause total revenue to fall would be _________.
e.The portion of the graph in which a decrease in price would cause total revenue to rise would be _________.
f.The portion of the graph in which a decrease in price would not cause a change in total revenue would be _________.
g.The section of the graph in which total revenue would be at a maximum would be _______.
h.The section of the graph in which elasticity is greater than 1 is _______.
i.The section of the graph in which elasticity is equal to 1 is ______.
j.The section of the graph in which elasticity is less than 1 is _______.​

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Definitions:

Budget Constraint

The limit on the consumption bundles that a consumer can afford to purchase, based on their income and the prices of goods and services.

Income

Income that is earned from work or investments, which is typically received at regular intervals.

Nuts

Edible seeds or fruits with a hard outer shell, often consumed as snacks or used in cooking.

Berries

Term used to describe small, pulpy, and often edible fruits, typically juicy, rounded, brightly colored, and having seeds.