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Homework answers / question archive / Label the following scenario as example of elastic, inelastic, or unit elastic demand
Label the following scenario as example of elastic, inelastic, or unit elastic demand. When Ruko, a device used to stream movies at home. Increases prices by 42% total revenue decreases by 61 %.
The graph below shows that total revenue declines as price increases in the demand curve's elastic region. Pick a point in the demand line's elastic region and move left, which is to a higher price and note how the total revenue line below the demand line is moving downward.
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