Total Revenue Test
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5 Terms
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Total revenue:
Amount paid by buyers and received by sellers of a good
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Formula
TR = P * Q
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Elastic demand
Decrease in Qd > increase in P
TR decreases
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Inelastic demand
Increase in P > decrease in Qd
TR increases
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Unit elastic demand
Increase in price means no change in total revenue
Note 
Flashcards (135)