True or false If the price elasticity of demand is unit-elastic, a 10 per cent increase in
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True or false
- If the price elasticity of demand is unit-elastic, a 10 per cent increase in price will result in a 10 per cent increase in revenue.
- When Julia raised the price of her homemade cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elastic.
- Demand for staples such as dairy products and bread is likely to be both income and price inelastic.
If the cross-price elasticity of demand for goods A and B is zero, this means the two goods are unrelated
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