their revenues. a. price elastic; downward; increase b. price elastic; upward; increase c. price inelastic; downward; increase d. price inelastic; upward; increase 24. If a 7% increase in the price of a commodity results in a 12% increase in the quantity supplied, supply is a. said to be perfectly elastic. b. )said to be elastic c. said to be unit elastic d. said to be inelastic Inslenco nieman ASSUME THE WAGE RATE IS $10. Unit QUAN s of TITY MPL TFC TVC TC MC AFC AVC ATC Tot Aver al age Margi Fixe Total Margi Fixe Aver Aver nal d Variable Total nal d age age Prod Varia Total uct of Cos ble Total Output labor Cost Cost Cost Cost Cost Cost AQ/A Wage *L (tfc+t |ATC/ |TFC/ TVC/ abor VC AQ Q Q TC/Q $6.0 1 5 N/A is IN Makeup Remover Woks