If Price Were Lowered from $11 to $10 and Quantity

question 43

Essay

If price were lowered from $11 to $10 and quantity demanded rose from 87 to 89,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find how much total revenue was when price was $11 and $10.

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Definitions:

Suspended

Temporarily halted or stopped, often with the possibility of being resumed in the future.

Indorsed in Blank

A signature on a negotiable instrument, such as a check or promissory note, without specifying a new owner, making it payable to the bearer.

Payable

Refers to an amount of money that is owed and should be paid, typically within a specific time frame.

Assignee

The individual or entity to whom rights or property are legally transferred.