Draw the price effect and quantity effect for a price change

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Reference no: EM131916137

Problem

1. Price increases from $10 to $20. Demand is and total revenue.

2. Price decreases from $70 to $60. Demand is and total revenue.

3. Draw the price effect and the quantity effect for a price change from $60 to $50. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary.

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Reference no: EM131916137

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