Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price of L.L. Bean coats is $30. What is total revenue? $ response using a real number rounded to two decimal places.) Now suppose the price of L.L. Bean coats increases to $80. What is total revenue now? $. Given the change in total revenue caused by the price increase, demand for L.L. Bean coats is inelastic (Enter a numeric elastic 8 Price of L.L. Bean coats 140- 130- 120- 110- 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0+ 0 20 40 60 80 100 120 140 160 180 200 Quantity of L.L. Bean coats.
Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price of L.L. Bean coats is $30. What is total revenue? $ response using a real number rounded to two decimal places.) Now suppose the price of L.L. Bean coats increases to $80. What is total revenue now? $. Given the change in total revenue caused by the price increase, demand for L.L. Bean coats is inelastic (Enter a numeric elastic 8 Price of L.L. Bean coats 140- 130- 120- 110- 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0+ 0 20 40 60 80 100 120 140 160 180 200 Quantity of L.L. Bean coats.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Q13
Transcribed Image Text:Suppose the demand for L.L. Bean coats is illustrated in the figure to the right.
Suppose the price of L.L. Bean coats is $30. What is total revenue? $
response using a real number rounded to two decimal places.)
Now suppose the price of L.L. Bean coats increases to
$80. What is total revenue now? $
Given the change in total revenue caused by the price increase, demand for L.L. Bean coats is
inelastic
. (Enter a numeric
elastic
Price of L.L. Bean coats
140-
130-
120-
110-
100-
90-
80-
70-
60-
50-
40-
30-
20-
10-
0-
0
20 40 60 80 100 120 140 160 180 200
Quantity of L.L. Bean coats
o
G
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