Question

if the price elasticity of demand for a product is unity, a decrease in price will:

Answer 1

Answer:

increase the quantity demanded but decrease total revenue.

Answer 2

In the case when the price elasticity of demand is unity so if there is a decrease in price then the quantity demanded should be increased and total revenue should remain the same.

The following information should be considered;

• The price elasticity of demand is unity.
• In this, the total revenue should be the same but there is an increase in the quantity demanded also the price should be decreased.

Therefore the above statement should be considered.

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