After reading Chapter 5 and attending class the student will be able to: 1. Explain why, when the...

After reading Chapter 5 and attending class the student will be able to:

1. Explain why, when the price elasticity of demand for a product is inelastic, total revenue will increase when the price of the product increases.

2. Explain why, when the price elasticity of demand for a product is inelastic, total revenue will decrease when the price of the product decreases.

3. Explain why, when the price elasticity of demand for a product is elastic, total revenue will increase when the price of the product decreases.

4. Explain why, when the price elasticity of demand for a product is elastic, total revenue will decrease when the price of the product increases.

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