Business, 18.02.2021 21:20 Sariyahhall1

1. How would the following changes in price affect total revenue? That is, would total revenue increase, decrease, or remain unchanged? a. Price falls and demand is inelastic.
b. Price rises and demand is elastic.
c. Price rises and supply is elastic.
d. Price rises and supply is inelastic.
e. Price rises and demand is inelastic.
f. Price falls and demand is elastic.
g. Price falls and demand is of unit elasticity
2. You are chairperson of a state tax commission responsible for establishing a program to raise new revenue through excise taxes. Would elasticity of demand be important to you in determining those products on which excises should be levied? Explain.

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