Exploring Economics
Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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The price elasticity of demand for Craig's chocolate chip cookies is 1.5. Craig wants to increase his total revenue.
Would you recommend that Craig raise or lower his price of chocolate chip cookies?
Craig should
the price of his chocolate chip cookies because the demand for chocolate chip cookies is
A. lower; elastic
B. lower; unit elastic
C. raise; elastic
D. raise; inelastic
E. lower; inelastic
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Transcribed Image Text:The price elasticity of demand for Craig's chocolate chip cookies is 1.5. Craig wants to increase his total revenue. Would you recommend that Craig raise or lower his price of chocolate chip cookies? Craig should the price of his chocolate chip cookies because the demand for chocolate chip cookies is A. lower; elastic B. lower; unit elastic C. raise; elastic D. raise; inelastic E. lower; inelastic
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