false
Small Michael Cho

Budget: $15

Solved!

Total revenue increases by 10% when prices increase by 5%. What is the percentage change in quantity demanded?

Answer

Small Tutor Aaron Lee

Total revenue= Price x Q -> PQ=PQ ->(1.1)PQ=(1.05P)X(1+X)Q ->1.1PQ/(1.05PQ)=1+X -...