Definitions
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Etymologies
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Examples
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PxQ; 10 BxKtch, PxB, with two Bishops on open diagonals.
Chess Strategy Edward Lasker 1933
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The demand does always decrease due to the Law of Demand, but unit elasticity means revenue (PxQ) is constant.
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Please look at this again and straighten out the difference between demand decreasing (which always happens when price increases) and revenue decreasing, which requires looking not just at the change in Q, but the change in PxQ.
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The demand does always decrease due to the Law of Demand, but unit elasticity means revenue (PxQ) is constant.
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Please look at this again and straighten out the difference between '' demand '' decreasing (which always happens when price increases) and '' revenue '' decreasing, which requires looking not just at the change in Q, but the change in PxQ.
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If its original price was P and its original quantity Q, then initial revenue is PxQ, or PQ.
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If Q moves to 4 units, then P moves to $600 and the revenue decreases to PxQ = $2400.
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Please look at this again and straighten out the difference between '' demand '' decreasing (which always happens when price increases) and '' revenue '' decreasing, which requires looking not just at the change in Q, but the change in PxQ.
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The initial revenue was price times quantity, which is PxQ, or PQ.
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Please look at this again and straighten out the difference between demand decreasing (which always happens when price increases) and revenue decreasing, which requires looking not just at the change in Q, but the change in PxQ.
Comments
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