Question

Assume that, for a particular demand curve, when price rises from $120 to $150, total revenue...

Assume that, for a particular demand curve, when price rises from $120 to $150, total revenue falls from $6,000 to $4,500.

a. Based on this information, what is the quantity demanded at each price.

b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic? How do you know

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