Cerrar
Diagonally upwards graph
Diagonally downwards graph
PED will always be ...
PES will always be ...
If PED or PES >1 then elasicity will be ...
If PED or PES <1 then elasticity will be...
Demand curve moves to the right
Demand curve moves to the left
Supply curve moves to the right
Supply curve moves to the left
Price increase = total revenue increse
or
Price decrease =
total revenue decrese
Price increase = total revenue decrease
or
Price decrease =
total revenue increase
Price increase or decrease = the same total revenue (no change)
... occurs when there is a balance between demand and supply
