Elasticity and revenue (3.1.3) 0.0 / 5 ? EconomicsElasticity and revenue (3.1.3)ASAQA Created by: lee42Created on: 24-05-19 10:37 Do goods tend to be more elastic in the long run or sort run? Long run because more time is devoted to seek alternatives 1 of 5 What is the equation for total revenue? Price per unit x quantity 2 of 5 What are the factors that elasticity of demand? % of income, type of good, time and availability of substitutes 3 of 5 When is total revenue maximised? When PED = (-) 1 4 of 5 blank blank 5 of 5
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