Question
The CFO of a transport company realizes that total revenue increased by 30% in 2019 whereas the price of a ticket decreased by 30%. Therefore,
The CFO of a transport company realizes that total revenue increased by 30% in 2019 whereas the price of a ticket decreased by 30%. Therefore, the CFO concludes that the demand for tickets is inelastic.
True or False. Please explain and draw a graph if possible.
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Authors: Jeffrey F Beatty, Susan S Samuelson
3rd Edition
0324537115, 9780324537116
