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david fabos david fabos
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5 years ago

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
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
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emneviusemnevius
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