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Author Question: Suppose that at a price of 55, 100 units were sold while at a price of 33, 153 units were sold. ... (Read 123 times)

stephzh

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on: Jun 29, 2018
Suppose that at a price of 55, 100 units were sold while at a price of 33, 153 units were sold. Without calculating the price elasticity value, can you determine whether demand is elastic, unit elastic, or inelastic? Explain your answer.
 
  What will be an ideal response?

Question 2

Garrison is the chief financial officer (CFO) of the Colorado Drone manufacturing company and is also on the company's board of directors. Garrison is considered ________ of the company.
 
  A) an inside director B) an outside director C) a financier D) a bondholder


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mcabuhat

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The first total revenue is (55 )  (100 ) = 5,500 while the second total revenue is (33 )  (153 ) = 5,049. Because total revenue decreased when price fell, demand must be inelastic.

Answer to Question 2

A


stephzh

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

nanny

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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