Elastic and Inelastic Demand for Monopolies- Micro Topic 4.1 (Part 2 of 2)

The video tutorial by Mr. [INAUDIBLE] from ACDC covers key economic concepts in 60 seconds, focusing on the elastic and inelastic ranges of the demand curve. It explains how imperfect competition affects demand and marginal revenue, and introduces the total revenue test to differentiate between elastic and inelastic demand. The tutorial illustrates how price changes impact total revenue in both elastic and inelastic scenarios, and describes the relationship between marginal revenue and total revenue. Finally, it identifies the elastic and inelastic ranges on the demand curve, providing a clear understanding of these economic concepts.

What happens to total revenue when marginal revenue is negative?

Describe the elastic range of the demand curve.