Question
If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and $35,000 worth of it
If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and $35,000 worth of it when its price is $10, then
Multiple Choice
- the demand for the product is inelastic in the $10-$8 price range.
- the demand for the product must have increased.
- elasticity of demand is 1.67.
- the demand for the product is elastic in the $10-$8 price range.
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Applied Regression Analysis And Other Multivariable Methods
Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg
5th Edition
1285051084, 978-1285963754, 128596375X, 978-1285051086
