Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 5 - Elasticity: A Measure of Responsiveness - Exercises - 5.3 Elasticity and Total Revenue for a Linear Demand Curve - Page 123: 3.7a

Answer

lower

Work Step by Step

Elasticity of demand is inelastic if it is less than 1. Demand is inelastic in the lower portion of the graph.
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