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9 September, 12:30

If demand for farmer john's maple syrup is inelastic, then when farmer john raises the price of maple syrup, his total revenue will

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  1. 9 September, 13:41
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    If demand is inelastic, this means that the amount demanded doesn't change with the increase of price. In this case, if John were to raise prices, we assume that quantity demanded would stay the same and John would make more revenue.
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