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Carefully explain how changes in price would affect total revenue. That is, would total revenue increase, decrease or stay the same, and why? Price rises
- Carefully explain how changes in price would affect total revenue. That is, would total revenue increase, decrease or stay the same, and why?
- Price rises and demand is inelastic.
- Price falls and demand is elastic.
- Price rises and demand is unitary elastic.
- Graphically show and explain how firms in pure competition market structure end up with zero economic profit in L-R.
- Graphically explain why MC cuts both ATC and AVC curves at their minimum point in short-run.
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
