Ask Question
16 May, 08:45

Mark is selling gourmet apples at a price of $2 per pound. currently, he sells 100 pounds of apples per week. this week, mark raises his price to $3 , and his sales of apples fall to 75 lbs. mark's initial revenue from apple sales was $ nothing. mark's new revenue from apple sales is $ nothing. since mark's revenue increased when the price of apples rose, the demand for mark's gourmet apples must be ▼ elastic unitary inelastic.

+2
Answers (1)
  1. 16 May, 09:22
    0
    Since Mark's revenue increased when the price of apples rose, the demand for Mark's gourmet apples must be inelastic.

    When you measure the elasticity of demand, it's showing how the quantity demanded of a good or service changes when the price and only the price changes. Some products have an elastic outcome and some inelastic based on demand and how customers react to the price changes.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Mark is selling gourmet apples at a price of $2 per pound. currently, he sells 100 pounds of apples per week. this week, mark raises his ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers