Challenge Question: Recall the relationship be- tween elasticity of demand, price changes, and their impact on total

Question:

Challenge Question: Recall the relationship be- tween elasticity of demand, price changes, and their impact on total revenues. As Rod lowers his price from $9, 000 t o$ 5,000, his total revenues keep increasing. Is demand in this price range elastic, inelastic, or unit elastic?

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