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When the price of a diamond ring rises from $2,000 to $3,000, the quantity demanded decreases from 13,000 to 7,000. What is the change in
When the price of a diamond ring rises from $2,000 to $3,000, the quantity demanded decreases from 13,000 to 7,000. What is the change in the total revenue of diamond ring producers? If the demand curve for diamond rings is a straight line, what do we know about the price at which the demand for diamond rings is unit elastic? Question content area bottom Part 1 The change in the total revenue of diamond ring producers is _____. A.negative $ 5 million $5 million B.$ 21 million $21 million C. $7,000 D. zero E.$ 26 million $26 million
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