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Use the Following to Answer Question

question 213

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Use the following to answer question: Use the following to answer question:   -(Figure: The Linear Demand Curve) Use Figure: The Linear Demand Curve.Suppose this is the demand curves for scarves in your scarf shop.If you increase the price of your scarves from $7 to $8,your total revenue will _____,and you notice that your price elasticity of demand is _____. A) increase;elastic B) decrease;elastic C) increase;inelastic D) decrease;inelastic
-(Figure: The Linear Demand Curve) Use Figure: The Linear Demand Curve.Suppose this is the demand curves for scarves in your scarf shop.If you increase the price of your scarves from $7 to $8,your total revenue will _____,and you notice that your price elasticity of demand is _____.


Definitions:

Sociologist

A sociologist is a social scientist who specializes in the study of societies, the behaviors and interactions of individuals within those societies, and the processes that preserve and change them.

Sample Size

The number of individuals or observations included in a study or survey, which can affect the reliability and validity of the research findings.

Funding

Financial support provided for a particular purpose, such as research, projects, or businesses.

Random Selection

A method of choosing individuals or items from a population in a way that each has an equal chance of being selected.

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