The maker of a particular breakfast cereal found that increasing the price from $3.00 to $3.25 per box had no impact on total revenue, but increasing the price further to $3.50 reduced total revenue by 2%. Thus, the demand for the cereal is: O inelastic over the range $3.00 to $3.50 O unit elastic over the range $3.00 to $3.25 and elastic over the range $3.25 to $3.50. O elastic over the range $3.00 to $3.25 but not over the range $3.25 to $3.50 O unit elastic over the range $3.00 to $3.25 and inelastic over the range $3.25 to $3.50 tv MacBook Pro

The maker of a particular breakfast cereal found that increasing the price from $3.00 to $3.25 per box had no impact on total revenue, but increasing the price further to $3.50 reduced total revenue by 2%. Thus, the demand for the cereal is: O inelastic over the range $3.00 to $3.50 O unit elastic over the range $3.00 to $3.25 and elastic over the range $3.25 to $3.50. O elastic over the range $3.00 to $3.25 but not over the range $3.25 to $3.50 O unit elastic over the range $3.00 to $3.25 and inelastic over the range $3.25 to $3.50 tv MacBook Pro

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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