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Author Question: If a decrease in the price of football tickets increases the total revenue of the athletic ... (Read 47 times)

yoroshambo

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  • Posts: 566
on: Jun 30, 2018
If a decrease in the price of football tickets increases the total revenue of the athletic department, this is evidence that demand is:
 a. price elastic.
  b. price inelastic.
  c. unit elastic with respect to price.
  d. perfectly inelastic.

Question 2

Suppose an oil company wants to make its total revenue as large as possible. It should charge a price at which the demand for oil is:
 a. elastic.
  b. unitary elastic.
  c. inelastic.
  d. perfectly inelastic.


Cheesycrackers

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  • Posts: 333
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


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