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In: Economics

Suppose the price of notebooks rises from $2 to $3 and the quantity demanded falls from...

  1. Suppose the price of notebooks rises from $2 to $3 and the quantity demanded falls from 100 to 60. What is the change in total revenue for the firms producing notebooks? How can your answer to this help determine whether the demand for notebooks is elastic or inelastic?
  2. As more time passes, the price elasticity of supply becomes more _______________ and                                                                                                  (elastic/inelastic)
  3. the supply curve becomes _______________.

                                              (steeper/flatter)

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