ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:Price (dollars)
8
7
D.
5
10
15
20
25
30
35
Quantity (units per year)
In the figure above, when the price falls from $8 to $7, total revenue
A) decreases from $210 to $120 so demand is inelastic.
B) increases from $120 to $210 so demand is inelastic.
C) decreases from $210 to $120 so demand is elastic.
D) increases from $120 to $210 so demand is elastic.
6
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Step 1: Introduction
You must track your overall revenue if you want to know how much money your company makes from all of the products and services it sells.
Total revenue indicates how much money your company makes before spending. And, because revenue is so important for growth, it's a measure that every business should keep track of.
We'll go over all you need to know about total income in this article.
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