Which of the following isnotcharacteristic of the demand for a commodity which is elastic?

Select one:

A.The elasticity coefficient is less than one.

B.Total revenue declines if price is increased.

C.Buyers are relatively sensitive to price changes.

D.The relative change in quantity demanded is greater than the relative change in price.

The long-run average total cost curve:

Select one:

A.will rise if diminishing returns are encountered.

B.is based on the assumption that all factors of production are variable.

C.will rise if economies of scale are incurred.

D.will fall if diminishing returns are encountered.

The equations for the demand and supply curves for a particular product are P = 10 - .4Q and P = 2 + .4Q respectively, where P is price and Q is quantity expressed in units of 100. After an excise tax is imposed on the product the supply equation is P = 3 + .4 Q.

Government's revenue from this tax is:

Select one:

A.1500

B.875

C.125

D.800

Hi im stuck with these questions from my text book, please help me make sure I got the right answer for each. Thanks.