Total revenue increases of the price of the good A) rises and demand is elastic. B) rises and demand is inelastic.  C) rises and demand is unit elastic. D) falls and supply is inelastic. E) falls and demand is unit elastic.

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The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. If it decreases the price to $63, what should be the quantity sold? Will revenue increase? Why.

Calculate the elasticity of demand when demand falls by 10% due to rise in price by 4%

For the demand schedule shown below, what is the price elasticity of demand? Price Quantity Demanded $74 2,500 $80 1,800

_6. A product's price changes from $2 to $6 and its quantity demanded changes from 10 to 4 units. This is an example of price: A) B) C) D) inelastic demand. elastic demand. unitarily elastic demand. inelastic supply. Show your work here Formula Calculation Answer

Suppose when a hot dog cost $8 the stadium sold 4,000 per game. When hot dogs cost $3 the stadium sells 6,000 per game. Calculate the price elasticity of demand for hot dogs.

Question 7 Total revenue increases as price increases, as long as demand is elastic. always increases as price increases. remains unchanged as price increases when demand is unit elastic. decreases as price increases, as long as demand is inelastic..

Price $20 18- 16 14 124 10- 8 100 200 300 400 + 500 600 Quantity Starting at P = $18, if we increase the price by 1%, the total revenue will increase and demand is inelastic at P = $18. Not change, and demand is unit-elastic at P = $18. increase and demand is elastic at P = $18. decrease and demand is inelastic at P = $18. decrease and demand is elastic at P = $18.

Define price elasticity of demand.  Explain the relationship between total revenue and price elasticity of demand.