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Draw a diagram to show how an increase in the price of ‘price inelastic food products’ would affect total revenue.

Block Type

Knowledge Checkpoint

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Draw a diagram to show how an increase in the price of ‘price inelastic food products’ would affect total revenue. (worth 3 marks)

fully labelled diagram (price, quantity, D, P and Q, P1 and Q1) (1)
inelastic demand curve (1)
clear identification/labelling of lost and gained revenue (1)

(From 2022 higher Economics Q1b))