Total Revenue Test

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5 Terms

1
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Total revenue:

Amount paid by buyers and received by sellers of a good

2
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Formula

TR = P * Q

3
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Elastic demand

Decrease in Qd > increase in P

TR decreases

4
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Inelastic demand

Increase in P > decrease in Qd

TR increases

5
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Unit elastic demand

Increase in price means no change in total revenue