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.
Answers (1)
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
You Might be Interested in
Here, q is tile sales (in thousands of cases), p is tile price (per case), a is advertising expenditures (in thousands of dollars), i is disposable income per household (in thousands of dollars), and hf is household formation (in hundreds). a.
Answers (1)
According to the product life cycle model, profits tend to: remain relatively constant until the decline stage, when they begin to drop. reach a peak near the end of the maturity stage. peak before sales reach their highest level.
Answers (1)
Which term refers to selling commodities of similar grade and quality to two or more different buyers at different prices, within a reasonably short time, where the result would be to substantially lessen competition?
Answers (1)
Applying the concept of opportunity cost to the pollution of a lake, an economist probably would conclude that: a. no pollution in the lake should be eliminated regardless of benefit. b.
Answers (1)
The circular flow model examines interactions between which sectors of the economy? Check all that apply. private government business tech households
Answers (2)
New Questions in Business
An advertiser enables target cost-per-acquisition (cpa) bidding and notices that conversions decrease. what might cause this?
Answers (1)
A trigger strategy is a strategy that: A. is not relevant to oligopolies. B. determines when to enter an industry. C. depends on an opponent's past decisions. D. tells a business to leave the industry because the price is below the AVC.
Answers (1)
What is the effect on the supply curve for skateboards if the government implements a tax on the manufacturing process?
Answers (1)
Cost of goods sold is: an asset account. a revenue account. an expense account. a permanent equity account.
Answers (1)
Markup represents an amount needed to cover operating expenses. a. True b. False
Answers (1)