Asked by
Megan Glessner
on Oct 26, 2024
Verified
When the price of chocolate-covered peanuts increases from $1.55 to $2.00,the quantity demanded decreases from 220 to 180.If the price is $1.55,total revenue is _____,and if the price is $2.00,total revenue is _____.
A) $360;$440
B) $341;$279
C) $440;$279
D) $341;$360
Chocolate-Covered Peanuts
Peanuts that have been coated in chocolate, serving as a sweet and crunchy snack.
Total Revenue
The total value of sales of a good or service (the price of the good or service multiplied by the quantity sold).
- Attain familiarity with the concept and mathematical assessment of price elasticity of demand.
- Assess the relationship between price fluctuations and total income, taking into account the demand elasticity.
Verified Answer
EL
Learning Objectives
- Attain familiarity with the concept and mathematical assessment of price elasticity of demand.
- Assess the relationship between price fluctuations and total income, taking into account the demand elasticity.