In the figure above, the U.S. government's revenue from the tariff is ________.
A) 64 million
B) 32 million
C) 128 million
D) 48 million
Question 2
A university conducts a survey of students, which shows that a 10 percent tuition hike would lead to a 12 percent decrease in the enrollment.
If the university wants to increase its total revenue, it should ________ tuition because the demand for education at this university is ________. A) raise; elastic
B) not raise; elastic
C) raise; inelastic
D) not raise; inelastic
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