Given the level of demand below, what is total revenue when the price is 18? - between $26-$49 -...

Question:

Given the level of demand below, what is total revenue when the price is 18?

Price Quantity
25 1
22 2
18 3
15 4
12 5

- between $26-$49

- more than 50

- $0 between

- $1-$25

Types of Demand:

In economics, there are two different types of demand: elastic or inelastic. If an increase in price causes a decrease in quantity demanded or revenue, then demand is elastic. Most goods are elastic. If the increase in price has a small impact on the quantity demanded or revenue, it is said to be inelastic. One example of an inelastic good is gas.

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Elastic Demand: Definition, Formula & Examples

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Chapter 3 / Lesson 12
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In this lesson, you will be introduced to the concept of an elastic demand and how to determine if the demand is elastic. Two methods will be presented along with examples.


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