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The Total Revenue Test of Price Elasticity of Demand ( part 1 and 2)

The Total Revenue Test of Price Elasticity of Demand ( part 1 and 2)

By looking at how a change in price affects the total revenues of producers in a market (whether TR increases or decreases) we can draw some quick and accurate conclusions about whether demand for a good is elastic, inelastic or unit elastic between two prices. We'll also learn that even along a straight-line demand curve there is a RANGE of elasticities of demand for every good....

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