If 400 apple pies are sold at $4 per pie, but 500 apple pies are sold at $3 per pie, we know from the total revenue rule:
a. that the demand for pies is elastic over that price range
b. that the demand for pies is inelastic over that price range.
c. that the demand for pies is unit elastic over that price range.
d. nothing about the elasticity of demand.
b
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Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations. ?
What will be an ideal response?
What generates economic growth?
What will be an ideal response?
Those economists who view the AS curve as being vertical see more government tools capable of raising Real GDP than do the economists who view the AS curve as being upward-sloping
Indicate whether the statement is true or false
Economies of scale arise when
A. all inputs increase at the same rate. B. all inputs increase by the same amount. C. one input increases and the others are held constant. D. one input increases and the others decrease.