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drewster127 drewster127
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5 years ago

Question 1.

At a price of $40, a store can sell 35 toasters a day. At a price of $35 the store can sell 39 toasters a day. Since total revenue ________ by the price decrease, demand must be ________.



▸ is increased; elastic

▸ is decreased; inelastic

▸ is increased; unit elastic

▸ is decreased; elastic

Question 2.

Price and total revenue are inversely related when demand is



▸ price elastic.

▸ price inelastic.

▸ unit price elastic.

▸ perfectly price inelastic.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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jeromet1jeromet1
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drewster127 Author
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#2
5 years ago
Good timing, thanks!
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