Economics 2 problem?
Economics 2 problem?
According to the midpoint method, the price elasticity of demand between points A and B is approximately ____ .
Suppose the price of bippitybops is currently $120 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is _____ , a $15-per-bippitybop decrease in price will lead to _____ in total revenue per day.
In general, in order for a price increase to cause a decrease in total revenue, demand must be__
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