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The elasticity of demand is 0.2. Is the demand curve relatively steep or flat?
Will a fall in price raise total revenue or lower it? Note: we present the
elasticity in terms of its absolute value.
Relatively steep; lower total revenue
◇ Relatively steep; raise total revenue
Relatively flat; raise total revenue
Relatively flat, lower total revenue
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Sagot :

Sethartiolamarceloidn

Answer:

The elasticity of demand being 0.2 indicates that the demand is inelastic. This means that the demand curve is relatively steep.

For inelastic demand (elasticity less than 1), a fall in price will lower total revenue because the percentage decrease in price leads to a smaller percentage increase in quantity demanded.

Therefore, the correct answer is:

Relatively steep; lower total revenue.

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