But recall that a sellers total revenue is equal to the price of the good multiplied by

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But recall that a seller’s total revenue is equal to the price of the good multiplied by the quantity sold.

Because your expenditure on a good is equal to the seller’s total revenue, the total revenue test that the seller uses to estimate price elasticity of demand can also be used to estimate your price elasticity of demand.

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Foundations Of Microeconomics

ISBN: 9780134491981

8th Edition

Authors: Robin Bade, Michael Parkin

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Question Posted: Nov 08, 2024 08:00 AM

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But recall that a sellers total revenue is equal to the price of the good multiplied by

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Foundations Of Microeconomics

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