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Suppose X is a normal good. If price of X increases, which of the following scenario will lead to an increase in total revenue for
Suppose X is a normal good. If price of X increases, which of the following scenario will lead to an increase in total revenue for X:
a.Price elasticity of demand for X > 1
b.Price elasticity of demand for X < 1
c.Price elasticity of demand for X =1
d.Not enough information to determine
The demand function for a high school football match ticket is q=30-5p,atwhat price will the total revenue be maximized?
- $2
- $3
- $4
- $5
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