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A) Use the below graph to show what happens to total revenue when: (a) price falls from P1 to P2; (b) price rises from P3

A) Use the below graph to show what happens to total revenue when: (a) price falls from P1 to P2; (b) price rises from P3 to P2. Explain your answer in terms of areas of total revenue gained or lost using the alphabetical letters representing different areas on the graph. (c) Is demand elastic or inelastic? How do you know?

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