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stars_and_moon stars_and_moon
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Posts: 3218
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7 years ago
Katie has a lemonade stand. She is currently charging 50 cents for a glass of lemonade. If the price elasticity of demand is 1.5, which of the following statements is true?
A) If Katie raises her price, she will not lose very many new customers, and her total revenue will increase.
B) If Katie raises her price, she will lose a lot of customers, and her total revenue will decrease.
C) If Katie lowers her price, she will not get very many new customers, and her total revenue will decrease.
D) B and C
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kingbykingby
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#1
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7 years ago
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#2
7 years ago
I figured, great answer
wrote...
#3
7 years ago
I was slightly debating this one, thanks for the feedback
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