To determine if the demand for a good is inelastic, elastic, or unit elastic between two...
To determine if the demand for a good is inelastic, elastic, or unit elastic between two prices, a seller might raise the price to see what happens to total revenue: If total revenue rises, demand is
Homework Answers
When the total revenue rises with an increase in the price of the good, the demand is relatively inelastic.
This is because, PED = % change in quantity demanded/% change in price.
When the % change in price > % change in quantity demanded, then the demand is said to be inelastic. And with the rise in price, the quantity demanded falls by lesser proportion, and the total revenue (P * Q) rises.
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