Figure 5-11 
-Refer to Figure 5-11.Suppose this demand curve is a straight,downward-sloping line all the way from the horizontal intercept to the vertical intercept.We choose two prices,P1 and P2,and the corresponding quantities demanded,Q1 and Q2,for the purpose of calculating the price elasticity of demand.Also suppose P2 > P1.In which of the following cases could we possibly find that (i) demand is elastic and (ii) a decrease in price from P1 to P2 causes an decrease in total revenue?
Definitions:
National Cooperative Research Act
U.S. legislation that encourages collaborative research and development among businesses by providing certain antitrust protections.
Joint Research
Collaborative investigative efforts undertaken by two or more parties to achieve a common goal or to further their knowledge in a specific area.
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Business projects or investments focused on the development of new products, markets, or technologies.
Requirements Contract
A commercial agreement which obligates a buyer to purchase a seller's production or a seller to supply all demands of the buyer for certain goods or services.
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