Question
] Assume an increase in price from $3.15 to $3.55 leads to a fall in quantity demanded from 25 to 12 units. Use the average
] Assume an increase in price from $3.15 to $3.55 leads to a fall in quantity demanded from 25 to 12 units. Use the average formula, calculate and explain the impact of the price rise on the total revenue.
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
3rd Edition
1319105564, 978-1319105563
