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In 2012, Raleigh sold 1,000 units at $500 each, and earned net income of $50,000.Variable expenses were $300 per unit, and fixed expenses were $150,000.The same selling price is expected for 2013.Raleigh's variable cost per unit will rise by 10% in 2013 due to increasing material costs, so they are tentatively planning to cut fixed costs by $15,000.How many units must Raleigh sell in 2013 to maintain the same income level as 2012?
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in its price, indicating its sensitivity.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.
Price Elasticity
The responsiveness of the quantity demanded of a good to a change in its price.
Price Elasticity
An indicator of the degree to which the demand or supply of a product adjusts due to a variation in its cost.
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