Chapter 4 material 1. Select the statement that best answers the question: With inelastic demand, a price increase will a. decrease marginal revenue. b. decrease total revenue. c. increase tota

Chapter 4 material 1. Select the statement that best answers the question: With inelastic demand, a price increase will a. decrease marginal revenue. b. decrease total revenue. c. increase tota

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Chapter 4 material 1. Select the statement that best answers the question: With inelastic demand, a price increase will a. decrease marginal revenue….

Chapter 4 material

1. Select the statement that best answers the question:

With inelastic demand, a price increase will

a. decrease marginal revenue.

b. decrease total revenue.

c. increase total revenue.

d. decrease marginal revenue and total revenue.

Justify your selection (explain why your selection is correct).

2. After reading solved example (pp. 135-137) and ST 4.2part C (p. 152-154) solve the following:

When the product demand curve is Q = 70 – 5P, and price is increased from P1 = $10 to P2 = $12, the arc price elasticity of demand is …. Show your work.

Chapter 5 material

1. Read example on p. 163 and ST 5.1(B), p. 186-187. Then, estimate the linear demand curve if P1 = $16, P2= $12, Q1= 2,000, Q2=2,400. Show your work.

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