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Title: At a price of $5, quantity demanded is 70; and at a price of $7, quantity demanded is 50. Since ... Post by: david fabos on Apr 27, 2019 Question 1. The owner of a local pretzel cart has estimated that if he lowers the price of pretzels from $4.00 to $3.00, he will increase sales from 800 to 1,100 pretzels per day. Using the midpoint formula, the demand for pretzels is ▸ elastic. ▸ inelastic. ▸ unit elastic. ▸ perfectly elastic. Question 2. At a price of $5, quantity demanded is 70; and at a price of $7, quantity demanded is 50. Since total revenue ________ by the price increase, demand must be ________. ▸ is increased; elastic ▸ is decreased; inelastic ▸ is unchanged; unit elastic ▸ is unchanged; elastic Title: At a price of $5, quantity demanded is 70; and at a price of $7, quantity demanded is 50. Since ... Post by: emnevius on Apr 27, 2019 Content hidden
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