13-9d Elastic goods prefer price decrease, and vice versa for inelastic goods whose demand curve is steeper, under the assumption of constant demand schedules

Elastic goods prefer price decrease, in terms of total revenue in comparison with other goods (e.g., 1% cut in price causes a more than 1% increase in quantity demanded resulting in greater total revenue), and vice versa for inelastic goods whose demand curve is steeper.

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• 13-9e The emergence of new types of goods will bring about price decrease for old substitutes because of the shift in demand schedules, under the assumptions of constant supply schedules