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Monotonically Increasing Functions

Draw a diagra...

Question

Draw a diagram showing increase in expenditure in response to increase in price, when $E_{d} = 0$ .

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Solution

The diagram shows increase in expenditure in response to increase in price when quantity demanded is constant $(E_{d} = 0)$ .

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Q. When demand is inelastic, an increase in the price of a commodity would cause the total expenditure of the consumers to ______________.

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Supply increases in response to increase in price of the concerned commodity.

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