If the demand for electricity is perfectly inelastic, an increase in the price of electric power will cause quantity demanded to ___ and total revenue will _ for the power company.

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28-12-2017
Business

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If the demand for electricity is perfectly inelastic, an increase in the price of electric power will cause quantity demanded to ___ and total revenue will _ for the power company.

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BriM19 BriM19 · Answer 1 · 2018-01-11T12:32:37+01:00

The answers are “remain constant” and “decrease”. A good is considered to be inelastic, when a good does not have many substitutes or alternatives. In the given problem, electricity is considered to be an inelastic product, it does not have any easy alternatives. If the price of electricity increases, quantity demand will remain constant, since no matter how high the price of electricity, citizens do not have a choice but to avail it, yet total revenue will decrease.

If the demand for electricity is perfectly inelastic, an increase in the price of electric power will cause quantity demanded to ___________ and total revenue will _________ for the power company.

Respuesta :

Otras preguntas

If the demand for electricity is perfectly inelastic, an increase in the price of electric power will cause quantity demanded to ___ and total revenue will _ for the power company.