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Peter is a 4-year-old who is in the office for a well-child exam. While you are taking his history, Peter's mother says he has been urinating much more often lately. The notes also state that Peter's older sister is diabetic. Which of the following questions would be important to ask next?
Total Revenue
The complete amount of income generated by the sale of goods or services before any expenses are subtracted.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicative of the sensitivity of consumers to price changes.
Demand
The willingness and ability of consumers to purchase goods and services at different prices.
Perfectly Inelastic
A situation where the demand or supply for a good does not change in response to changes in price.
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