by O the elasticity of demand will increase Ototal revenue w

by O the elasticity of demand will increase. Ototal revenue will increase QUESTION 10 f cola and iced tea are good substitutes for consumers, then it is likely that O their price elasticities of supply are less than one O their price elasticities of demand are less than one. QUESTION 11 responsiveness of quantity demanded to a change in income O responsiveness of quantity demanded to a change in price O responsiveness of price to a change in quantity demanded Chek Save and Surbmit to save and submit. Cliek Save All Ansuwers to save all anscers

Solution

Ans

1 There will decrease since gain in quantity is less than fall in price

2 cross elasticity is greater than 0 always in case of substitutes

3 It shows responsiveness of quantity demanded to change in price