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At a price of $5, quantity demanded is 70; and at a price of $7, quantity demanded is 50. Since ...

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At a price of $5, quantity demanded is 70; and at a price of $7, quantity demanded is 50. Since ...

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

Edition: 12^th

Authors: Case, Fair, Oster

Read 116 times

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emnevius

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david fabos Author

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Thanks

alpheratz

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Good timing, thanks!

Ctownsend

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Thanks for your help!!

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