(our sales team reported that the price-elasticity of demand for your brand of coriander is -1.7. You are considering increasing the price of wour coriander by 8.88%. This will cause which of the following? Note: Revenue = Price X Quantity) O A. The quantity of coriander you sell will decrease by approximately 15.10%. O B. Your revenue from coriander will increase by approximately 15.10%. O C. Your revenue from coriander will increase by approximately 5.22%. O D. The quantity of coriander you sell will increase by approximately 15.10%. O E. Your revenue from coriander will decrease by approximately 0.19%.
(our sales team reported that the price-elasticity of demand for your brand of coriander is -1.7. You are considering increasing the price of wour coriander by 8.88%. This will cause which of the following? Note: Revenue = Price X Quantity) O A. The quantity of coriander you sell will decrease by approximately 15.10%. O B. Your revenue from coriander will increase by approximately 15.10%. O C. Your revenue from coriander will increase by approximately 5.22%. O D. The quantity of coriander you sell will increase by approximately 15.10%. O E. Your revenue from coriander will decrease by approximately 0.19%.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Your sales team reported that the price-elasticity of demand for your brand of coriander is -1.7. You are considering increasing the price of
Incorrect
your coriander by 8.88%. This will cause which of the following?
Marked out of
(Note: Revenue = Price X Quantity)
1.00
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A. The quantity of coriander you sell will decrease by approximately 15.10%.
question
O B. Your revenue from coriander will increase by approximately 15.10%.
C. Your revenue from coriander will increase by approximately 5.22%.
D. The quantity of coriander you sell will increase by approximately 15.10%.
E. Your revenue from coriander will decrease by approximately 0.19%.
Your answer is incorrect.
The correct answer is: The quantity of coriander you sell will decrease by approximately 15.10%.
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