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Mandolina Mandolina
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7 years ago
When XYZ manufacturing reduced the price of its product by 20 percent, its total revenue increased from $2 million to $2.2 million per year. On the basis of this information
A) it can be concluded that demand is elastic.
B) it can be concluded that demand is inelastic, but the precise value of the elasticity coefficient cannot be found.
C) it can be concluded that demand is of unitary elasticity.
D) nothing can be concluded about the elasticity of demand.
E) it can be concluded that demand is inelastic; the coefficient of elasticity is equal to .5.
Textbook 
Introduction to Economic Reasoning

Introduction to Economic Reasoning


Edition: 8th
Author:
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hecosmetichecosmetic
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Mandolina Author
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#2
7 years ago
Wwow, couldn't thank you enough
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