You are the owner of a boutique clothing store and estimate the price elasticity of demand for your clothing to be 2.50 and the income elasticity of demand for your clothing to be 1.55. If you increase the price of your clothing, you should expect which of the following to occur?

A) an increase in your total revenue
B) no change in your total revenue
C) an increase in the quantity demanded of your clothing
D) a decrease in your total revenue


D) a decrease in your total revenue

Anthropology & Archaeology

You might also like to view...

The example of Love Canal illustrates which of the following?

A. the effect of diet on disease resistance B. a trend toward genetic uniformity in urban populations C. the effects of immigration on gene flow D. the impact of dumping toxic waste on human health

Anthropology & Archaeology

Linguistic anthropologists focus on all of the following EXCEPT:

A) social learning about language use. B) the structure of language. C) the evolution of vocal cords. D) patterns of speech. E) rules of verbal interaction.

Anthropology & Archaeology

For the Aztecs and Maya, obsidian was:

a. extracted from deep mining pits b. easy to work with c. readily available d. a symbol of wealth

Anthropology & Archaeology

Which of the following concepts DID NOT influence Darwin in developing his theory of evolution?

a. Population size increases more rapidly than food supplies. b. There is competition among individuals for resources. c. Species are unchanging types, and individual variation within a species is not important. d. There is biological variation in all members of a species. e. Favorable variations are passed on and accumulate in populations over time.

Anthropology & Archaeology