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(1)At Point a, what is the price elasticity of demand? a.>1 b.=1 c. <1 (2)At Point b, a.MR>0 b.MR= 0 c.MR <0 (3)At Point c,
(1)At Point a, what is the price elasticity of demand?
a.>1
b.=1
c. <1
(2)At Point b,
a.MR>0
b.MR= 0
c.MR<0
(3)At Point c,
a. total revenue is increasing.
b.total revenue is decreasing.
c. total revenue is not changing.
(4)At Point b,
a.average revenue is maximized.
b.profit is maximized.
c.total revenue is maximized.
d.marginal revenue is maximized.
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