Price (dollars)ck to select your answer.7650101520d*****Dmun25 30 35Quantity (units per year)the figure above, when the price falls from $8 to $7, total revenueA. decreases from $210 to $120 so demand is elastic.OB. decreases from $210 to $120 so demand is inelastic.OC. increases from $120 to $210 so demand is inelastic.OD. increases from $120 to $210 so demand is elastic.E. increases from $120 to $210 but more information is needed to determine whether demand is elastic, inelastic, or unit elastic.

Price elasticity of demand measures the responsiveness of change in quantity demand to change in…

the figure above, when the price falls from $8 to $7, total revenue A. decreases from $210 to $120 so demand is elastic. B. decreases from $210 to $120 so demand is inelastic. C. increases from $120 to $210 an

the figure above, when the price falls from $8 to $7, total revenue A. decreases from $210 to $120 so demand is elastic. B. decreases from $210 to $120 so demand is inelastic. C. increases from $120 to $210 an

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

Price (dollars)
ck to select your answer.
7
6
5
0
10
15
20
d
*****
D
mun
25 30 35
Quantity (units per year)
the figure above, when the price falls from $8 to $7, total revenue
A. decreases from $210 to $120 so demand is elastic.
OB. decreases from $210 to $120 so demand is inelastic.
OC. increases from $120 to $210 so demand is inelastic.
OD. increases from $120 to $210 so demand is elastic.
E. increases from $120 to $210 but more information is needed to determine whether demand is elastic, inelastic, or unit elastic.

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Question 2 please
A good has a price elasticity of demand of 2.5 this tells us that; A. none of the above B. the price rises by 2.5% when quantity demanded falls by 1% C. Quantity demanded decreases by 2.5% when the price rises by 1% D. the price changes by $ 2.50 when quantity changes by 1 unit
2. Imagine that you run a small bakery. In March the price of a cupcake was $2, and you sold 50 per day. In April you increased the price of cupcakes to $3 and you sold 40 per day. 1. Did your revenue increase or decrease? 2. What was the price elasticity of demand to Cupcakes when price increased from $2 to $3. 3. Do you think demand was elastic or inelastic prior to the change in prices
Please answer C and D:
If a change in the price of a product results in no change in total revenue, what must be the case? A. The demand for the product must be inelastic. B. The demand for the product must be unit elastic. C. The demand for the product must be elastic. D. The demand for the product must be revenue inelastic.
Answer this for me mate. Much appreciated.