P Is in Dollars and Q Is the Number of Units

question 122

Multiple Choice

p is in dollars and q is the number of units. Find the elasticity of the demand function at and use it to determine how a price increase will affect total revenue. ​

• A)Since the demand is elastic, an increase in price will decrease the total revenue.
• B)Since the demand is elastic, an increase in price will increase the total revenue.
• C)Since the demand is inelastic, an increase in price will decrease the total revenue.
• D)Since the demand is inelastic, an increase in price will increase the total revenue.
• E)No change in revenue.

---

Definitions:

Better Than Average Effect

The tendency to rank oneself higher than most people on positive attributes.

Self-affirmation

Self-affirmation involves focusing on important personal values and strengths, which can help maintain self-worth and reduce defense reactions to threats.

Self-verification

The tendency for individuals to seek confirmation of their self-concept, whether positive or negative, from the external environment.

Symbolic Self-completion

A theory that individuals strive to achieve and maintain self-definitions, and when they feel incomplete in a certain role, they seek symbols that represent success in that area.