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Thelocalbakerymakessuchgreatcinnamonrollsthatconsumersdonotrespondmuchatalltoachangeintheprice.Iftheownerisonlyinterestedinincreasingrevenue,sheshould

A. lower the price of the cinnamon rolls.
B. leave the price of the cinnamon rolls unchanged.
C. raise the price of the cinnamon rolls.
D. reduce costs.

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Whendemandiselastic,adecreaseinpricewillcause

A. an increase in total revenue.
B. a decrease in total revenue.
C. no change in total revenue but an increase in quantity demanded.
D. no change in total revenue but a decrease in quantity demanded.

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Supposethatquantitydemandfallsby30%asaresultofa5%increaseinprice.Thepriceelasticityofdemandforthisgoodis

A. inelastic and equal to 6.
B. elastic and equal to 6.
C. inelastic and equal to 0.17.
D. elastic and equal to 0.17.

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Supposethepriceofpotatochipsdecreasesfrom$1.45to$1.25and,asaresult,thequantityofpotatochipsdemandedincreasesfrom2,000to2,200.Usingthemidpointmethod,thepriceelasticityofdemandforpotatochipsinthegivenpricerangeis

A. 2.00.
B. 1.55.
C. 1.00.
D. 0.64.

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Anincreaseinpricecausesanincreaseintotalrevenuewhendemandis

A. elastic.
B. inelastic.
C. unit elastic.
D. All of the above are possible.

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Thelocalbakerymakessuchgreatcinnamonrollsthatconsumersdonotrespondmuchatalltoachangeintheprice.Iftheownerisonlyinterestedinincreasingrevenue,sheshould

A. lower the price of the cinnamon rolls. ​ B. leave the price of the cinnamon rolls unchanged. ​ C. raise the price of the cinnamon rolls. ​ D. reduce costs.

Whendemandiselastic,adecreaseinpricewillcause

Supposethatquantitydemandfallsby30%asaresultofa5%increaseinprice.Thepriceelasticityofdemandforthisgoodis

Supposethepriceofpotatochipsdecreasesfrom$1.45to$1.25and,asaresult,thequantityofpotatochipsdemandedincreasesfrom2,000to2,200.Usingthemidpointmethod,thepriceelasticityofdemandforpotatochipsinthegivenpricerangeis

Anincreaseinpricecausesanincreaseintotalrevenuewhendemandis

A. lower the price of the cinnamon rolls.
B. leave the price of the cinnamon rolls unchanged.
C. raise the price of the cinnamon rolls.
D. reduce costs.