The market price of a product rose from $8 to $10 and as a result the market demand fell from 20000 to 8000 a week.
Consumer X’s demand declined from 30 to 24 and consumer Y’s demand fell from 100 to 60 a week.
What can be concluded from this information?
1 )
Consumer X’s demand for the product was more elastic than the market demand.
Consumer X’s percentage share of the market increased.
3 )
Producer’s total profit fell.
4 )
Producer’s total revenue rose.
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