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:

Demand

The level of demand for a good or service, depending on consumers' readiness and capacity to buy at various prices.

Equilibrium

A state in an economy or market where demand equals supply, and there is no tendency for change.

Complements

Goods or services that are used together, where the increase in the demand for one leads to an increase in the demand for the other.

Substitutes

Goods or services that can replace each other in usage, providing similar utility to the consumer.