Melvin's Magnets Earned $200 in Total Revenue Last Month When

question 6

Multiple Choice

Melvin's Magnets earned $200 in total revenue last month when it sold 100 souvenir magnets.This month it earned $300 in total revenue when it sold 60 souvenir magnets.The price elasticity of demand for Marvin's Magnets is

• A) 0.27.
• B) 0.58.
• C) 1.25.
• D) 1.71.

---

Definitions:

Investment Option

A choice available for allocating resources with the expectation of generating a return.

Task Force

A temporary group created to focus on a specific project or solve a particular problem.

Ad Hoc

Created or done for a particular purpose as necessary, without being planned in advance.

Temporary Project Team

A group of individuals assembled for a specific project or task with a defined timeframe, disbanding once the project is complete.