Macroeconomics

Learn the toughest concepts covered in your Macroeconomics class with step-by-step video tutorials and practice problems.

Elasticity

Total Revenue Test

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Total Revenue Test

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Problem

The following demand schedule relates to the market for computer chips. What happens to total revenue if the price falls from $400 to $350?

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Problem

A price change causes the quantity demanded of a good to decrease by 20 percent, while the total revenue increased by 10 percent. The demand curve is: